properties247http://www.properties247.co.uk
Independant Property Sales SpecialistsTue, 29 May 2018 17:04:19 +0000en-UShourly1https://wordpress.org/?v=4.8Taking grandchildren to Turkey without parentshttp://www.properties247.co.uk/taking-grandchildren-turkey-without-parents/
Wed, 20 Apr 2016 20:21:01 +0000http://properties247.co.uk/?p=45966There are many grandparents who have homes in Turkey and like myself have them to stay during the school holidays. Here is my experience on flying to Turkey with grandchildren and no parents. UK border control in most UK airportsaaa

]]>There are many grandparents who have homes in Turkey and like myself have them to stay during the school holidays. Here is my experience on flying to Turkey with grandchildren and no parents.

UK border control in most UK airports is now all electronic and all you need to do is scan your boarding pass. I had no issues with flying from Gatwick airport to Antalya. On arrival at Antalya airport at passport control, I was just asked who the children where in relation to me, this was more out of curiosity as they were of different ethnicity and I was not asked for any additional paperwork.

Flying back out of Antalya airport, I had no problems with either passport control or at the gate. However, on arriving in the UK at the UK border control I was asked who the children where in relation to me and did I have any proof or consent from a parent that they could travel with me. I did have a signed letter from my daughter showing consent for me to take the children to Turkey and a copy of her passport. This was sufficient to let me back into the UK with the children. Without consent documentation I believe we could have been detained until parents were contacted. So my advice is get a signed letter of consent from the parents and copies of parents birth certificates, especially if the family members have different names.

]]>Bringing a car into Turkeyhttp://www.properties247.co.uk/bringing-a-car-into-turkey/
Mon, 07 Mar 2016 21:33:38 +0000http://properties247.co.uk/?p=45021Many clients after purchasing a property ask us about how and if they can bring a car to Turkey. There are two ways of doing this either as a temporary import or a permanent one. But there are strict rulesaaa

]]>Many clients after purchasing a property ask us about how and if they can bring a car to Turkey. There are two ways of doing this either as a temporary import or a permanent one. But there are strict rules and regulations. Here are the guidelines…

Temporary import:

Anyone can bring a foreign plated car into Turkey on a temporary basis, this includes holiday makers. The car can be brought into Turkey for a maximum of 6 months in a 12 month period. After six months the vehicle must leave the country for at least six months before you can re-enter the car again. Please note, this can only be done twice per vehicle, a third six month period is not permitted.

There is an exception to this rule for holders of a retirement visa, they may bring their car into Turkey for a maximum period of one year.

Permanent import:

There are strict rules and regulations for permanently importing a car to Turkey. To import a car you can ONLY be one of the following:

Retired
A student
Working as a foreigner with a work permit.

These imports are referred to as ‘blue plate cars’ and the car is officially registered against your passport and permit. Please note, you can only keep the car in Turkey for as long as your particular permit allows. You must be the only driver and pay what is called a touring tax, this is like a warranty and guarantees that you will return the car to the country of origin when the touring visa expires.

Our advice for ex pats is, buying a Turkish car is a far better option and a lot easier! You also need to bare in mind that ‘blue plate cars’ can only be sold to other buyers meeting the same criteria, making this option even more difficult. Although new and second hand cars can be as much as 3 times the price of UK cars, in the long run, there is less paperwork, time and taxes to pay. You can buy most makes of cars in Turkey, but if you look for models that are made in Turkey, like Hyundai, Renault and Fiat then servicing and parts will cost you less. Buying a new or second hand car in Turkey is pretty much the same as in the UK, for new cars most dealerships will have English speaking staff to assist you through the buying process and for second hands cars you need to do the usual checks to make sure the car is debt free and taxes and insurances up to date. It is a good idea to have someone you can trust who speaks Turkish to guide you.

Our advice is for information only and please check current guidelines as rules often change.

Here are some useful links for driving advice and arranging an import if you qualify.

]]>Is it safe to travel to Turkey?http://www.properties247.co.uk/is-it-safe-to-travel-to-turkey-2/
Tue, 23 Feb 2016 13:32:33 +0000http://properties247.co.uk/?p=44591There has been so much press recently about Turkey and whether it is safe to travel there so here is my perspective on the situation. The Foreign office are not advising against travel to Turkey apart from the Syrian borderaaa

]]>There has been so much press recently about Turkey and whether it is safe to travel there so here is my perspective on the situation.

The Foreign office are not advising against travel to Turkey apart from the Syrian border and some towns in the east of the country. This advice has not changed in the last few years. Yes, Turkey is on high alert but so is London and many UK cities. In January 2016, Daesh released a video threatening new attacks in Northern Europe, so we have to ask ourselves where is safe? There is just as much risk by staying in the UK.

Terrorism is everyone’s worry and concern these days but lets put it into perspective, statistically, it is not much of a danger at all. In fact, you have more chance of being killed in a road traffic accident. But unfortunately, terrorism always makes the headlines, so it frightens. You just have to ask yourself, what is your personal tolerance for risk.

I am often asked is it safe in Alanya on the Mediterranean Coast of Turkey? Isn’t it near the Syrian border? I have a home in Alanya and it’s as peaceful and beautiful as ever, so the answer is as safe as anywhere else. To give you an idea of distances Alanya is some 800km from the Syrian border, that’s about twice the distance from London to Scotland.

Turkey is renowned for the friendliness and hospitality of the Turkish people, it is really exceptional. Steeped in history with some breathtaking scenery, fantastic weather and not to mention some of the best cuisine in the world, it would be such a shame not to come and experience this wonderful country.

]]>Spanish Bank Property Repossessions Are they good value?http://www.properties247.co.uk/spanish-bank-property-repossessions-are-they-good-value/
Thu, 18 Feb 2016 10:26:34 +0000http://properties247.co.uk/?p=44341According to a study carried out by property portal, idealista.com, which analysed the 38,595 homes in Spain advertised for sale on their portal in January from the various financial institutions, the majority of these dwellings are located in small oraaa

]]>According to a study carried out by property portal, idealista.com, which analysed the 38,595 homes in Spain advertised for sale on their portal in January
from the various financial institutions, the majority of these dwellings are located in small or medium size towns, with approximately 66% of the banks’ homes are in towns of less than 50,000 inhabitants.

We find that the majority of homes for sale from the banks are in locations that there is not much demand and that is the reason why they are still on the market..

]]>Spanish Home Sales Climbed 8.6% in 2015, Say Notarieshttp://www.properties247.co.uk/spanish-home-sales-climbed-8-6-in-2015-say-notaries/
Wed, 10 Feb 2016 17:02:48 +0000http://properties247.co.uk/?p=44647According to figures published this week by Spain’s General Council of Notaries, a total of 401,236 property transactions were carried out in 2015, representing an increase of 8.6% over the figures for 2014. The increase in transactions is made upaaa

]]>According to figures published this week by Spain’s General Council of Notaries, a total of 401,236 property transactions were carried out in 2015, representing an increase of 8.6% over the figures for 2014. The increase in transactions is made up of sales of apartments (+7.8%), single family dwellings (+11.9%) and other real estate transactions (+4.6%).

There was also an increase in the average price of the homes sold in Spain last year, which stood at 1,277 euros/m2, equivalent to an increase of 1.9% over the previous year.

The Notaries explained that this price increase is due to both the increase in the price per square metre of apartment type housing (+2.6% year-on-year) and also the single family homes (+1.0% year-on-year). With regard to apartments, the price per square metre of second-hand apartments stood at 1,381 euros (+2.4% year-on-year), while the price of new apartments stood at 1,741 euros/m2 (+7.1% year-on-year).

The latest figures from the Notaries also show that, during 2015, increases were registered in both the number of new mortgage loans and in the average amount of these loans. Specifically, the number of new mortgage loans increased by 11.6% year-on-year, while the average value of these loans amounted to 154,906 euros, representing growth of 12.2% over the previous year.

The number of new mortgage loans destined for the purchase of a home increased by 23.2% year-on-year, while the average amount of these loans stood at 126,796 euros, representing an increase of 7.8% over a year earlier. Moreover, the percentage of home purchases which were financed through a mortgage loan last year increased to 42.4%, and in those cases, the average loan amounted to 76.6% of the property value.

]]>Spanish property sales up for 18th month in successionhttp://www.properties247.co.uk/spanish-property-sales-up-for-18th-month-in-succession/
Sat, 23 Jan 2016 09:39:31 +0000http://properties247.co.uk/?p=44561Residential property sales in Spain are continuing to rise with the latest data showing that the number of transaction on property recorded by notaries increased by 7.3% compared with the same month in 2014. It marks some 18 months of continuousaaa

]]>Residential property sales in Spain are continuing to rise with the latest data showing that the number of transaction on property recorded by notaries increased by 7.3% compared with the same month in 2014.

It marks some 18 months of continuous growth, the figures from the General Council of Notaries shows with its analysis report saying that the recovery in the housing market is being maintained.

A breakdown of the data shows that apartment sales increased by 6.2% year on year, more than double the increase recorded in October 2015. This was due to sales of free price apartments rising 8.3% and also sales of second hand apartments rising by 12.2%.

Sales of individual family homes also saw strong growth, up 11.4%, recording nine months in a row of double digit increased. However, sales of new housing fell for a tenth month in a row, down in November by 18.6%.

But prices are still up and down. The average price per square meter of homes sold in November was €1,219 per square meter, a fall of 1.1% year on year. A breakdown shows that apartment prices fell by 0.6% and the price of individual family homes fell by 0.8%.

The data also shows that the price per square metre of second-hand apartments fell by 0.7% year on year to €1,320 but for new apartments, it increased by 5.9% €1,666.

The total number of new mortgage loans also increased by 7.3% year on year in November but in seasonally adjusted terms this figure moderates to an increase of 2.4% year on year, the lowest increase in 18 months.

]]>Spain is the top destination for British Buyershttp://www.properties247.co.uk/spain-is-the-top-destination-for-foreign/
Mon, 18 Jan 2016 10:31:58 +0000http://properties247.co.uk/?p=44344Spain has come out on top as the most popular destination for expats looking to buy a property overseas, a new survey has found. A Place in the Sun’s annual top ten table of the most popular buying locations revealedaaa

]]>Spain has come out on top as the most popular destination for expats looking to buy a property overseas, a new survey has found.

A Place in the Sun’s annual top ten table of the most popular buying locations revealed that Spain was the most popular country for Brits.

The second most popular destination for Brits buying abroad was France and in third place was Portugal.

The main reason that buyers looked at Spain was for a better way of life, warmer climate, good value for money and finally a better diet. These are exactly the same reasons that we moved to Spain 11 years ago and we are still loving the lifestyle

]]>House Prices Rose by 1% in 2015 Y-o-Yhttp://www.properties247.co.uk/house-prices-rose-by-1-in-2015-y-o-y/
Sun, 03 Jan 2016 17:07:52 +0000http://properties247.co.uk/?p=44649Compared with 2014, the average price of housing in Spain rose by 1% in 2015, which is the first increase since the beginning of the crisis, according to the IMIE Local Markets Index for the fourth quarter of last year,aaa

]]>Compared with 2014, the average price of housing in Spain rose by 1% in 2015, which is the first increase since the beginning of the crisis, according to the IMIE Local Markets Index for the fourth quarter of last year, published last week by the property appraisal company, Tinsa.

The regions…where house prices rose most in 2015 were Catalonia (5.3%), Madrid (3.3%) and the Balearic Islands (2.7%), while the greatest price declines were registered in Navarra (-8.5%), Murcia (-4.3%) and Aragon (-3.6%).

With regard to Spain’s provinces, the most significant year-on-year price increases in the fourth quarter were recorded in Girona (10.7%), Barcelona (5.8%) and Lleida (5.3%), followed by Albacete (4.5%) and Madrid (3.3%). In contrast, the greatest decreases were noted in Navarra (-8.5%), Córdoba (-7.7%) and Palencia (-7.1%).

Among the large cities, the greatest increases in housing prices in the fourth quarter, compared to last year, were those recorded in Barcelona (8.7%), Badajoz (5.7%), Ávila (4.3%) and Madrid (3.8%), while prices fell most in Zaragoza (-4%) and Seville (-3%).

The report indicated that the average time it takes to sell a home in Spain currently stands at 10.2 months, compared with 10.6 months six months ago and that Cantabria is the province where most time is required to sell a home, at 18.6 months. Moreover, the provinces of Alava, Segovia, Ávila, Salamanca, A Coruña and Vizcaya also have longer terms than the national average for selling a home, all at above 14 months on average.

In contrast, the provinces where it takes least time to sell a property are Ceuta (3.7 months) and Melilla (5.3 months), followed by Soria and Santa Cruz de Tenerife, both with an average term of 7 months.

]]>Stunning properties for sale Costa del sol Mirafloreshttp://www.properties247.co.uk/stunning-properties-for-sale-costa-del-sol-miraflores/
Wed, 14 Oct 2015 21:28:03 +0000http://properties247.co.uk/stunning-properties-for-sale-costa-del-sol-miraflores/This post was published on properties247
]]>This post was published on properties247
]]>Stunning properties for sale Costa del sol Calypsohttp://www.properties247.co.uk/stunning-properties-for-sale-costa-del-sol-calypso/
Mon, 14 Sep 2015 15:33:55 +0000http://properties247.co.uk/2015/09/stunning-properties-for-sale-costa-del-sol-calypso/This post was published on properties247
]]>This post was published on properties247
]]>Bournemouth Airport welcomes new Turkish routehttp://www.properties247.co.uk/bournemouth-airport-welcomes-new-turkish-route/
Mon, 10 Feb 2014 13:23:29 +0000http://properties247.co.uk/?p=31615HOLIDAY MAKERS are being offered the opportunity to fly to Turkey from The announcement that tour operator OSKA Travel will be offering flights to Antalya in April comes less than two weeks after Ryanair announced Crete would also be added to theiraaa

]]>HOLIDAY MAKERS are being offered the opportunity to fly to Turkey from The announcement that tour operator OSKA Travel will be offering flights to Antalya in April comes less than two weeks after Ryanair announced Crete would also be added to their destination list. Paul Knight, managing director of Bournemouth Airport, said the flights will prove a hit with customers. “Their holidays are excellent value for money and I’m sure they will prove to be really popular with our passengers. “We’re looking to provide more options and services for customers using our airport and this will extend our connections further into Europe,” he added.

]]>Spanish bank repossessions 10% more expensive concludes studyhttp://www.properties247.co.uk/spanish-bank-repossessions-10-expensive-concludes-study/
Thu, 09 Jan 2014 12:46:17 +0000http://properties247.co.uk/?p=23684A study by a Spanish banking association concludes that bank repossession properties are on average twenty percent more expensive than properties sold on the open market. The association of Users of Banks, Savings Banks, and Insurance (Adicae) looked at 96aaa

]]>A study by a Spanish banking association concludes that bank repossession properties are on average twenty percent more expensive than properties sold on the open market.

The association of Users of Banks, Savings Banks, and Insurance (Adicae) looked at 96 properties offered by six banks.

It found that in many locations banks were charging a huge premium for the “privilege” of mortgage finance, effectively undercutting local agents while at the same time making a large profit from consumers unable to find comparable lending terms on the open market.

In one case a property was priced at 132 percent above comparable properties in the area.

Interestingly the problem is more acute for local agents than for our readers in the overseas property industry. Buyers in coastal areas are more likely to be international and to have higher deposits or buy cash meaning banks have less pricing power.

Property stock in coastal areas also has a higher proportion of developments which have never been occupied which banks are keener to sell off in bulk which is another check on bank repossession prices.

The fact remains that any self respecting international agent would not touch the vast majority of stock on banks’ books.

However, due to the lack of property information and photos on bank websites, it can be difficult for consumers to compare “like with like” which is confusing and increases the sales cycle for the industry.

It’s not just banks competing unfairly on financing which is inhibiting international sales, its incompetent marketing too.

]]>October Sets New Record for Tourist Spending in Spainhttp://www.properties247.co.uk/october-sets-new-record-tourist-spending-spain/
Fri, 06 Dec 2013 14:07:34 +0000http://properties247.co.uk/?p=22893Spending by international tourists in Spain reached a new record high in October climbing by 16.8% to reach 5,476 million euros. This sharp increase in spending by international tourists was due both to the increase in the number of touristsaaa

]]>Spending by international tourists in Spain reached a new record high in October climbing by 16.8% to reach 5,476 million euros. This sharp increase in spending by international tourists was due both to the increase in the number of tourists (6.9%), as well as a 9.3% rise in the average spend per tourist in the month, which reached an average of 1,001 euros, according to the EGATUR Tourism Expenditure Survey, prepared by the Department of Tourism Studies of the Ministry of Industry, Energy and Tourism.

The United Kingdom was ranked first in October for volume of spending: with 1,174 million euros, and an increase of 19.2%. Also highlighted was the significant increase in French tourists’ spending, of 41.3% year-on-year, reaching 500 million euros; Germany, with an increase in spending of 24.2% year-on-year and 1,090 million euros, and the Scandinavian countries, with an increase of 21.4% to 518 million euros spent in Spain.

The main regions to benefit from this spending were: Catalonia (1,248 million euros), the Canary Islands (1,111 million), the Balearic Islands (923 million) and Andalusia (828 million).

In the period from January to October, the total spending is also the largest recorded in the statistical series and stood at 52,551 million euros, reflecting an increase of 8.2% over the previous year, and notably in the past ten months the rise of 3.2% in the average spend per tourist, which was 970 euros, and the increase of 2.7% in the average daily expenditure per tourist, to 109 euros.

]]>House Prices Fall by 14.7% in September Year on Yearhttp://www.properties247.co.uk/house-prices-fall-14-7-september-year-year/
Thu, 05 Dec 2013 17:28:27 +0000http://properties247.co.uk/?p=22832Home sales in September fell by 9.2% year-on-year (apartments by 13.1%), despite the fact that, in the same month, housing prices fell by 14.7% compared to September 2012, registering a record low since the start of the crisis of 1,162aaa

]]>Home sales in September fell by 9.2% year-on-year (apartments by 13.1%), despite the fact that, in the same month, housing prices fell by 14.7% compared to September 2012, registering a record low since the start of the crisis of 1,162 euros per square metre, according to the latest statistics published by the General Council of Notaries.

The reason they give for this is that the granting of new loans for house purchases fell by 17.4%, to 6,321 transactions, and the average capital loaned by 9.2%, to 102,772 euros.

Thus, the percentage of homes purchased with mortgage financing in September was only 30.5%, with the average percentage of the property value financed at 74.9%, the lowest since 2007, indicating that most of the purchases were carried out by those with sufficient solvency to pay in cash.

The notaries stated that “the sector still does not seem to have hit bottom”, however they warned that they are beginning to detect more volatility in the series due to the small number of transactions per month.

In the breakdown of the pricing statistics, the price per square metre of apartments for sale stood at 1,255 euros in September, representing a decline of 15.7% year-on-year.

In addition, the cost of new housing fell by 29.3% to 1,394 euros per square metre, while second-hand homes’ values declined by 7.5%, to 1,245 euros per square metre.

According to the statistics, the month of September closed with the purchase of 20,701 homes, representing a fall of 9.2% year-on-year.

By type, the sale of apartments experienced a decline of 13.1% (10.2% in private housing). For newly built apartments, this decrease reached 50.8%, while the second-hand segment registered a positive growth of 7.3%. Also, the sale of family homes rose by 8.4% in September.

The price per square metre of the family homes sold in September was 988 euros, registering a decline of 7.8%.

Mortgages continue to fall

The notaries reported that the number of mortgages granted in September (15,552) was the second lowest in the series, after the data registered in August.

]]>Pound hits new high as Spanish market looks to have bottomed outhttp://www.properties247.co.uk/pound-hits-new-high-spanish-market-looks-bottomed-2/
Wed, 04 Dec 2013 09:35:29 +0000http://properties247.co.uk/?p=22884Is the British overseas property market about to turn a corner? I’m not usually an optimist but the signs look good for 2014. The three biggest drivers of market growth appear to be coinciding for the first time since theaaa

]]>Is the British overseas property market about to turn a corner? I’m not usually an optimist but the signs look good for 2014.

The three biggest drivers of market growth appear to be coinciding for the first time since the heady days of the boom.

UK house prices, particularly in the South of England are skyrocketing providing the potential for equity release and a feel good factor.

The pound hit 1.21 against the euro yesterday, it’s highest since January. A way off the 1.52 it hit in 2007, just before the crash, but a rising pound helps agents close British buyers by locking in perceived currency gains.

Finally, the Spanish property market shows signs of bottoming out. The headlines in El Pais this week reported on a speech by Alfonso Galobart, head of CBRE Spain who’s quoted as saying the “Spanish housing market has touched bottom”.

According to Registrars house price index, average Spanish house prices rose in Q3 for the first time in five years. It’s unclear whether this is a long term trend or just a blip but the signs are encouraging.

Spain is the biggest seller market for overseas property and when Spain recovers so will the industry. The missing ingredient is the fear of loss caused by rising Spanish property prices.

If history teaches us anything, it’s that people’s memories are short. Fear and greed drive all markets and the time to work in our industry is a short window when greed is working its magic. Ironically this is really the time we need to be worried.

It may not be 2014 and it maybe short lived but there’s a pay day ahead for those who looked after their clients and businesses through the bad times.

]]>Britons return to Spanish property “in droves” as prices fall and pound strengthenhttp://www.properties247.co.uk/britons-return-spanish-property-droves-prices-fall-pound-strengthen/
Fri, 15 Nov 2013 20:54:19 +0000http://properties247.co.uk/?p=22336Confidence in the Spanish property market is returning as British buyers flock to take advantage of falling prices. Overseas mortgage specialists Conti say Spain is now the world’s number one destination for Britons buying overseas, accounting for 43% of enquiries.aaa

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Confidence in the Spanish property market is returning as British buyers flock to take advantage of falling prices.

Overseas mortgage specialists Conti say Spain is now the world’s number one destination for Britons buying overseas, accounting for 43% of enquiries.

With some holiday homes selling for just 20% of their original asking price, Spain has outperformed every other country in the three months to October, including France.

Conti director Clare Nessling said: “This is the first time since 2008 that Spain has accounted for so many of our enquiries over so many months.

“It was very popular over the summer period, but there’s been a definite shift over the last six weeks in particular.”

A number of factors are pulling buyers in, Nessling said. “Tourism is booming, access is easy and the culture is familiar, but it has also become much more affordable.

“Mortgage rates are very low, the pound has been getting stronger, and prices are still bottoming out in some areas.

“It’s a great time to buy and people who have been putting their plans on hold for the last year or two are taking advantage of the favourable conditions and deciding to go for it.”

International purchases of property in Spain grew 13.6% in the first six months of 2013, compared with the same period in 2012, according to figures from the General Council of Notaires.

The Bank of Spain has reported that foreign investment in Spain reached more than €2,834 million in the first half of 2013, the largest amount recorded since 2004.

The British are still the biggest buying group.

Sales to overseas buyers are now expected to increase even more, thanks to a new law granting a residency visa to non-European Union nationals if they spend a minimum of €500,000 on property.

This has effectively opened the door to thousands of potential investors.

Estate agents in Spain are also reporting increased activity. Peter Birkett from Property Repossessions Spain, says: “After a very difficult few years, prices are starting to creep back up in some areas, and people who have been watching the market are putting their plans into action in case they end up missing out on the best possible deals.

“I’ve recently sold properties to British buyers who have been holding out for the last three years, but the current market conditions have convinced them to make the purchase.

“Confidence amongst UK buyers is definitely returning, with the Costa Blanca, the Costa Almeria and the Murcia area proving to be very popular.

“We have a two-bed, two-bathroom property in Almeria on our books at the moment with a sale price of €65,500, down from an original asking price of €298,000. Bargains like this won’t last forever.”

Spanish lenders are still willing to provide finance to foreign nationals, particularly if you can prove that you have a sound financial profile. Buyers can generally borrow up to 65% of the value of the property, with rates starting from just 3.23%.

Nessling said buyers must seek the right advice. “Bitter experience has taught many Spanish property buyers that scrimping on independent legal advice can effectively cost them their holiday home. Buyers should always go through the same process that they would follow if they were buying a property in the UK.”

]]>Buy-to-let investors turn to distressed Spanish propertyhttp://www.properties247.co.uk/buy-let-investors-turn-distressed-spanish-property-2/
Tue, 12 Nov 2013 09:10:40 +0000http://properties247.co.uk/?p=22875Since the Spanish property boom ended, investors in real estate in the country have largely focused on modern new build homes in popular tourist destinations. However, the tides appear to be turning and according to the Global Property Guide, more andaaa

]]>Since the Spanish property boom ended, investors in real estate in the country have largely focused on modern new build homes in popular tourist destinations.

However, the tides appear to be turning and according to the Global Property Guide, more and more buyers are looking to distressed property as buy-to-let investments.

With prices now so low, people are even bulk-buying real estate in anticipation of future gains.

Fitch Ratings claims repossessed residential properties in Spain’s major urban centres can be bought at 71.6 per cent below their original value. Rental rates in the country are now also de-linked from inflation and can be increased by landlords more frequently. This makes the buy-to-let sector much more attractive, especially now lease durations can be much shorter and non-paying tenants can be more easily evicted, the Global Property Guide explained.

Spain is certainly working hard to attract more property investors and has introduced a law whereby foreign owners that rent out their property to working people under the age of 30 can claim tax relief of between 60 to 100 per cent on rental income. With banks beginning to shed distressed assets throughout the country, it is possible for investors to enjoy strong yields. The holiday let market is also a great place to be for buyers in Spain, with tourism numbers remaining buoyant and demand high in places like the Costa del Sol.

Low values are becoming a selling point for Spain and a comparative analysis of data by Fotocasa.es. recently revealed that recovering sales in regions are linked to cheap house prices. Properties247 reported that of the six regions that saw sales increase during the third quarter, four experienced price falls. These include Murcia, Catalonia, Valencia and La Rioja, which saw values decline between 11 and 16 per cent. Beatriz Toribio, head of research for Fotocasa.es, told the news portal: “This data demonstrates that, in the current context of economic crisis and tightening of credit by banks, the only way right now to get rid of the large housing stock that exists in Spain is to lower the price.”

]]>Spanish Property Receives Boost In Revival Hopeshttp://www.properties247.co.uk/22351/
Mon, 11 Nov 2013 21:16:34 +0000http://properties247.co.uk/?p=22351The large number of construction sites left untouched since the burst of the real estate bubble may have been a major concern for the Spanish property market in recent years, but there seems to be light at the end ofaaa

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The large number of construction sites left untouched since the burst of the real estate bubble may have been a major concern for the Spanish property market in recent years, but there seems to be light at the end of a long dark tunnel. Several banks that financed the development of these projects have ceased the sites, resulting in rumbling house and apartment prices.

However, foreign investment in the nation’s property market has considerably improved since the beginning of 2013. Good deals are being completed on real estate assets that around eighteen months ago, were not even considered by the same investors.Unsold homes and price fallsSpain’s inventory of unsold homes stands at 650,000, and average price falls recorded in the country were around 30 per cent, following the crash of the market in 2008. Sales and mortgage lending were at their lowest during the past five years, but an influx of investment from overseas suitors has left the country with hope for the future.

A number of private equity funds have been scouring the market for quality commercial properties while several individual investors have been keeping their eye on residential developments that offer great amenities for reasonable prices.

Residential as well as commercial properties can be purchased in major cities like Barcelona or Madrid for much lower prices when compared to real estate in major European cities like Paris or London. Real estate agents in Spain say that there are many investment funds and family offices that are monitoring properties within the country. Although only small sized deals have been struck so far, it seems to establish a foothold for the market to build upon as market insiders reveal that 2014 will be much more positive.

Reasons for a positive 2014

There are two main reasons as to why the Spanish real estate market is set to attract more deals next year. The “Bad Bank” created by the government is the first. SAREB as it is called, ceased 54 billion euros worth of property loans from nationalized lenders in the country. They did so before placing the assets associated with them into portfolios as it looked to lure investors. The bad bank has infused plenty of confidence back into potential buyers thanks in large to the massive reduction in prices.

The other main reason as cited by market insiders in the provisioning rounds imposed by the government, urging hesitant banks to reduce the value of bad loans as a means of raising capital to make up for previous as well as potential losses. Lenders have thus been encouraged to sell off their properties at low prices to attract overseas investors back to the market.

According to real estate analysts, the bad bank has become an active seller of its portfolios, meaning that an increasing number of large players have been put into good selling positions. What urges buyers to re-enter the market is the fact that property prices are very low, while rental yields remain high. Since this gap is expected to become smaller with time, investors want to make the most of the present situation to rake properties for significant discounts

]]>Foreign buyers to get title to property in ONE dayhttp://www.properties247.co.uk/foreign-buyers-get-title-property-one-day/
Mon, 21 Oct 2013 12:16:57 +0000http://properties247.co.uk/?p=22446Despite the beautiful coastline of Turkey and the affordability of its holiday properties, the lengthy purchase process for foreigners has historically put off many buyers. Until now, foreign nationals buying property or land in Turkey have had to apply foraaa

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Despite the beautiful coastline of Turkey and the affordability of its holiday properties, the lengthy purchase process for foreigners has historically put off many buyers.

Until now, foreign nationals buying property or land in Turkey have had to apply for military clearance – a check to ensure that the land upon which the property sits is not located in a military zone (foreign nationals can’t purchase land and property in zones declared as military zones).

This process, from submission of clearance application to receiving the clearance, generally takes around 6-8 weeks, during which time the buyer can’t register title to property.

This delay has not been ideal for buyers because it makes mortgages more difficult to obtain, throw up exchange rate fluctuations, and also raises security issues between the time the reservation deposit is lodged and the time when the buyer legally becomes the owner of the property.

But this is now changing.

A recent revision to the Turkish real estate registration process for foreign nationals purchasing property in Turkey will cut the time it takes to obtain title deeds (TAPU) to just one day.

“Instead of each foreign buyer making a separate military application for each and every land and/or property they purchase in Turkey irrespective of where they are located, the revision looks at the essence of ‘parcel clearance’ and suggests that if a parcel has previously been cleared for a foreign buyer, then it stands to be clear for all future foreign buyers,” says Cameron Deggin of Property Turkey.

“Simply put, it moves the clearance from the foreign buyer to the very parcel (land plot) that the property is located on.”

Effective as of 14 October 2013, no military clearance will be required for land and properties, whose parcels have previously been cleared (as explained above) after 5 May 2011. He says that this long awaited amendment to the law regarding foreign nationals’ purchasing property will increase the appeal of Turkish real estate globally and make the market far more transparent.

“It will open up new opportunities for foreign investors to participate in property auctions, bank repossessions and similar distressed sales that currently almost fully block them out due to their inability to obtain legal ownership straight away.

“To give an example – say Mr. X purchases an apartment or a villa in a complex that is located on a parcel of land and obtains his military clearance, then that parcel (and all properties built on it) will be deemed as cleared for all foreign buyers to come.

“If there are say 100 units in the complex, then only one military clearance will be sufficient. Once the land is cleared as ‘non military zone’ then foreign buyers will be able to register title deed to their new homes in just one day exactly the same as Turkish nationals do.”

Simply put it will make it much easier to buy property in Turkey. It will remove unnecessary protocols (and associated costs) that some buyers are advised to follow in order to safeguard sizeable holding deposits prior to obtaining legal title. It will make it easier for banks and other lenders to survey properties being acquired and provide finance on the spot.

]]>Spain’s bank bail-out and supervision to end in January, says Eurogrouphttp://www.properties247.co.uk/spains-bank-bail-supervision-end-january-says-eurogroup/
Tue, 15 Oct 2013 22:33:00 +0000http://properties247.co.uk/?p=22357SPAIN’S banks will come out of their ‘bail-out period’ in January without the need for any further European Union funding. A Eurogroup report shows the country’s financial institutions are now in a sound position, having only used 41.3 billion eurosaaa

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SPAIN’S banks will come out of their ‘bail-out period’ in January without the need for any further European Union funding.

A Eurogroup report shows the country’s financial institutions are now in a sound position, having only used 41.3 billion euros of the 100 billion bail-out fund applied for in spring 2012.

Spain has also avoided needing a bail-out for the country itself to cover its debts, as was the case with the Republic of Ireland, Portugal, Greece and Cyprus.

Economy minister Luis de Guindos says Spain has agreed with the Eurogroup that no more funding or supervision will be needed for the nation’s financial institutions from January 2014.

Eurogroup leader and Dutch minister of finance Jeroen Dijsselbloem says regulation of banks in Spain is better than it was 18 months ago, market confidence has grown internationally and the institutions themselves are stronger and more resistant.

He also praised Spain’s ongoing reforms and confirmed the government intends to carry on along the same lines, a statement which De Guindos confirmed.

]]>Turkish On-Line Visa Applicationhttp://www.properties247.co.uk/turkish-line-visa-application-2/
Sun, 15 Sep 2013 09:58:00 +0000http://properties247.co.uk/?p=22890There is now good news for people arriving in Turkey to help speed up you Turkish Visa Application process at the borders. From now on, you can apply for your visa online before you leave for your trip to Turkeyaaa

]]>There is now good news for people arriving in Turkey to help speed up you Turkish Visa Application process at the borders.

From now on, you can apply for your visa online before you leave for your trip to Turkey saving time when you arrival at your destination.

You can apply direct on the official E-Visa website by clicking the enclosed link:
Click here to apply for an online E-Visa:

For further information please read the brief explanation of the procedure below.
What is a Turkish / Turkey E-Visa or Electronic Visa ?

E-Visa is an endorsement that allows the bearer to enter Turkey.

It replaces the sticker and stamp type of visas that were formerly issued at the border crossing or in airports.

Applicants can simply and easily obtain their visa electronically after entering the required information on the official website and making payment by credit card.

After a successful application, the Turkey electronic e-Visa is e-mailed to the applicant or person. Applicants must print out their Turkish e-Visa, show it to airport officials and customs officers and carry it with them at all times during their travel in Turkey.

E-Visa is only valid for tourism or trade purposes. For other purposes such as work or study, an application through the Turkish Embassies or Consulates must be applied for and submitted.

Turkish, Turkey authorities can deny entrance of a holder of the electronic e-Visa to Turkey in certain cases.

Holders of visas issued by Turkish embassies or consulates are subject to the same procedure too and therefore maybe denied entrance.

What are the benefits and advantages with an Electronic Visa For Turkey.

An Electronic Visa (E-Visa) can be obtained easily anywhere you have an internet connection and enables the person to apply and submit an application without waiting in the queue at the Turkish, Turkey embassies or consulates or at the border crossing and entering into Turkey.

This will greatly reduce waiting time at airports for tourists and people entering Turkey by this route.

The citizens of the countries listed in Table 1 are eligible for e-Visa.

The citizens of the countries listed in Table 2 are also eligible, provided that they comply with some requested criteria.

To get more information, about applying for your on line VISA click HERE and put your country in the drop down menu.

]]>Mijas enjoys summer tourist boomhttp://www.properties247.co.uk/mijas-enjoys-summer-tourist-boom/
Wed, 11 Sep 2013 13:30:01 +0000http://properties247.co.uk/?p=18759TOURISTS flocked to Mijas over the summer and some hotels have achieved occupancy levels of almost 100%. The number of visitors has been the highest for a decade due in part to a range of government initiatives, according to theaaa

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TOURISTS flocked to Mijas over the summer and some hotels have achieved occupancy levels of almost 100%.

The number of visitors has been the highest for a decade due in part to a range of government initiatives, according to the head of the tourist board, Santiago Martin.

It undertook an extensive promotional campaign, advertising the area´s key tourist attractions, and ran a series of events such asVive Mijas de Noche during August. Public parking was also reduced to €1.

Bars and restaurants reported a surge in visitor numbers, while some hotels were almost full during the peak weeks.

Noemi Roman of the Hotel La Cala, said: “In August we had 90% occupancy levels and were completely booked for more than 15 days in August. As a result, the spa, restaurants, golf course and the shops have all increased their revenue.”

While the number of visitors to the region increased, there was a notable decline in the number of national visitors.

Jose Miguel Villar, of the Gran Hotel Costa del Sol, said: “We have had quite a good summer, but we have noticed the lack of national tourists.

“English, German and French visitors have increased, and have benefitted from the reduction in prices.”

He also said there had been an increase in the length of stays, stating the average booking was now seven or eight nights compared to five or six in previous years.

]]>S & P Predicts Spain Will Grow by 0.5% in 2014http://www.properties247.co.uk/s-p-predicts-spain-will-grow-0-5-2014/
Wed, 04 Sep 2013 15:36:45 +0000http://properties247.co.uk/?p=21818According to their quarterly report on the economy of the eurozone, the credit rating agency, Standard & Poor’s (S & P), predicts that the Spanish economy will grow by 0.5% in 2014, one tenth less than their July estimate, andaaa

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According to their quarterly report on the economy of the eurozone, the credit rating agency, Standard & Poor’s (S & P), predicts that the Spanish economy will grow by 0.5% in 2014, one tenth less than their July estimate, and that unemployment will continue to increase up to a maximum of 27%.

S & P has maintained unchanged the forecast for Spanish economic contraction in 2013 of 1.5%, but has improved by five tenths the unemployment rate with which the Spanish economy will close this year, from 27.2% to 26.7%.

However, the unemployment forecast for next year remains unchanged, at 27%, as the agency assumes that the unemployment rate will rise again in 2014, before starting to decline in 2015.

The agency also includes for the first time in its quarterly report, their forecasts for 2015, the year in which they predict the Spanish economy will grow by 1.1% and the unemployment rate will drop to 26%.

In the agency’s worst case scenario, with a longer recession than previously predicted, Spain’s GDP could fall by 1.9% this year and continue to decline in 2014 and 2015, with a decline in activity of 1% and 0.3%, respectively.

In the report, the agency notes that the Spanish GDP performed better in the second quarter than in the first, and highlighted the “notable exception” in the good performance of Spain’s exports compared to its European partners.

On the other hand, they stressed that unemployment has fallen for four consecutive months since March, suggesting that there has been something more than a temporary increase in tourism. In addition they noted that the August PMI had also been “good news”.

Regarding the eurozone, the agency said that although the data indicated a general improvement in economic conditions, which points to stabilisation in the second half of 2013 and modest growth in 2014, a “robust” recovery is not yet expected.

According to El Economista, S & P forecasts a GDP contraction of seven tenths for the eurozone, thus improving the previous estimate of a decline of 0.8%, while for 2014 they predict growth of 0.8%, one tenth more than the previous forecast, and 1.5% in 2015.

]]>Spain’s International Tourism Marks New Record in Julyhttp://www.properties247.co.uk/spains-international-tourism-marks-new-record-july/
Sat, 17 Aug 2013 13:19:55 +0000http://properties247.co.uk/?p=18757Spain received 7,875,997 international tourists in July, which is an increase of 2.9% compared with the same month of 2012. According to the latest tourist border movement survey (Frontur) prepared by the Institute of Tourism Studies of Spain’s Ministry ofaaa

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Spain received 7,875,997 international tourists in July, which is an increase of 2.9% compared with the same month of 2012. According to the latest tourist border movement survey (Frontur) prepared by the Institute of Tourism Studies of Spain’s Ministry of Industry, Energy and Tourism, this figure is a new record, and marks the best July since 1995, when the statistical series began.

The United Kingdom, Germany and France led the ranking of arrivals, but the Scandinavian countries, the United Kingdom and Russia were the main markets responsible for the growth of tourists in the month. Andalusia and Catalonia were the tourist destinations to benefit most as a result of the increase.

Up to July this year, over 34 million international tourists visited Spain, an increase of 3.9% over the same period of 2012, representing the best record in the Frontur statistical series, after beating the 33.6 million visitors received in the same period of 2008.

Specifically, in July 1,826,084 tourists came to Spain from the UK, which is 23.2% of the total and up 3.4% from a year earlier. The second source market was France, with 1,269,607 tourists (+2.2%), followed by Germany (1,177,584, up 0.1%) and the Scandinavian countries (with 603,925, 26.5% more). However, there was a notable decline in tourists from Italy (-14.5%), Portugal (-8.7%) and the United States (-8%).

Catalonia was the region to receive most tourists, with 2,103,064, an increase of 3.1%, followed by the Balearic Islands, where the figure rose by 1.7% in July to 2,002,980 tourists. These two regions received more than 50% of the total tourist arrivals. Andalusia ranked in third place, registering 999,912 tourists, followed by the Canary Islands (843,794) and Valencia (842,013). The survey also noted that 76.9% of the tourists came to Spain by plane in July and 60.4% of the total chose hotel accommodation.

]]>Rental Agreements in Spainhttp://www.properties247.co.uk/rental-agreements-spain/
Thu, 15 Aug 2013 12:50:21 +0000http://properties247.co.uk/?p=18755A new bill was recently passed and enacted in Spain significantly amending lease agreements on real estate. This Law has been considered for some as quite necessary in Spain in order to adapt leases to a very active market. Theaaa

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A new bill was recently passed and enacted in Spain significantly amending lease agreements on real estate. This Law has been considered for some as quite necessary in Spain in order to adapt leases to a very active market.

The main goal of the new regulation is to protect the landlords, as the previous Law was very protective towards the tenants, sometimes even in situations of non-payment of rent.

The most relevant points of the new set of rules thus approved can be summarized as follows:

The parties (landlord and tenant) have more freedom now to come to terms and conditions in the agreement, such as minimum term for the contract.

For the first time “electronic address” is accepted as valid communications and to give notice between the parties.

An important modification is that the tenant does not lose his status in the lease even if he does not have his permanent address or main residence in the rented property, when his spouse or children continue residing in the referred property. Also, if the lessor sells the property (independently and regardless of the option to buy that the lessee will keep) the new proprietor will have the right to cancel the contract or continue with the rent, with the original terms and conditions.

Another important point is the term of the contract. This has always been an issue in lease contracts, as the tenants, under the previous Law, could very easily ensure a minimum of five years guaranteed tenancy. The parties now have the right to agree initially any term they wish. The tacit extension of the contract once it reaches the terms initially agreed is also limited to one year at a time after the lease comes to its term (previously the automatic extension was for three years).

The tenant can quit the contract (regardless of the actual term agreed) anytime after the initial six months, only by giving a one month notice to the landlord.

Another point, which regularly creates issues between the parties, is works, reparations and / or refurbishments made to the rented property. The new Law allows the parties to agree about the supporting of costs and disbursements, even cancelling the monthly rents to compensate for the said costs.

The parties are now free to agree that the yearly increase of the rents could be linked to any official reference. If no clause previews this increase, the Spanish RPI will apply by default.

In relation to the termination of the contract, the term given to the tenant after a default in the payment is of 10 days (it was 30 days previously), after which, if the rent remains unpaid the contract is deemed null and void and the eviction commences. In cases of termination of the contract, the landlord can request the contract be cancelled and null and void if the tenant carries unauthorized works in the property.

The new Law states that its main purpose is to reactivate and increase the number of leases after the crisis and its effects on the real estate market, namely in the holidays and second residencies for foreigners.

According to the latest housing statistics published last week by the Spanish Ministry of Development on the Government website, La Moncloa, 345,471 homes were sold in Spain between July 2012 and June 2013, representing an increase of 2.3% over the previous twelve months.

The statistical results of residential property transactions made before a notary show that in the second quarter of 2013, a total of 80,722 homes were sold in Spain, representing a decline of 4.2% compared with the second quarter of 2012.

With regard to the territorial distribution of these transactions, five regions recorded positive year-on-year results, and 12 registered declines. Prominent among the highest increases were the Canary Islands (16.2%), Catalonia (12.1%) and Murcia (9.5%), while the most significant declines, year-on-year, were registered in Extremadura (-38.4%), Navarra (-33.6%) and the Basque Country (-33.1%).

For municipalities, those recording the highest number of sales were Madrid (5,269), Barcelona (2,813), Valencia (1,561) and Seville (1,228).

Among the provincial capitals and municipalities with more than 100,000 inhabitants, noteworthy because of growth were Huesca (94.4%), Girona (82.4%), Logroño (79.5%), Barakaldo (75.2%), Leganés (65.2%) and Teruel (61.9%). As for the biggest declines, these were registered for Getafe (-68.0%), Caceres (-52.0%), Badajoz (-51.7%), Vitoria (-45.8%), Toledo (-45.3%) and Cadiz (-44.4%).

The number of transactions for new housing amounted to 14,056, representing 17.4% of the total transactions in the second quarter of 2013, while there were 66,666 transactions for second-hand housing, accounting for 82.6% of the total.

Housing transactions made by foreign residents in Spain has experienced year-on-year growth for eight consecutive quarters, and increased by 28.4% compared with the second quarter of 2012, reaching a total of 12,546 purchases. In addition, purchases made by non-resident foreigners totalled 1,086 in the quarter, which also represented year-on-year growth for eight consecutive quarters.

Taken together, the purchases made by foreigners (residents and non-residents) account for 13,632 of the transactions, which represents 16.9% of the total, and the highest percentage recorded in the historical series (2006-2013).

By province, those registering the most purchases by foreign residents were Alicante (3,543), Malaga (1,771), Barcelona (1,008), Tenerife (921) and Girona (767)

]]>Probate in Spainhttp://www.properties247.co.uk/probate-spain/
Thu, 08 Aug 2013 12:45:01 +0000http://properties247.co.uk/?p=18753With an estimate of around 250,000 British owning (and in many cases residing in) properties in Spain, it is quite common to encounter their relatives, descendants and potential beneficiaries of the estates of the owners, facing difficult circumstances when thoseaaa

]]>With an estimate of around 250,000 British owning (and in many cases residing in) properties in Spain, it is quite common to encounter their relatives, descendants and potential beneficiaries of the estates of the owners, facing difficult circumstances when those pass away leaving a property and some other assets in his or her estate.

It means that, in addition to bereavement and grief, the relatives and potential beneficiaries of the deceased find themselves not exactly knowing what to do and in the middle of a legal situation in which the succession of the estate is partially ruled by two completely different legal systems or jurisdictions, the Spanish and the English.

On top of this, some factors add even more confusion to the process, such as a foreign language related to an intricate matter, the distance (for most of beneficiaries reside in the UK while the assets they will inherit are in Spain), the fact that on many occasions there is no will (neither Spanish nor English) validly granted and in place, or that even if granted, one or both wills are lost or their whereabouts are uncertain.

The process to follow for the inheritance, even if it cannot be considered simple, is quite straightforward and thoroughly detailed and set by the rules solving the conflict of jurisdiction between Spanish and English Law.

There are two general rules governing the succession:

The assets in Spain will always be transmitted under Spanish Law (even if there’s a valid will granted in England) and the inheritance taxes (in relation to those assets) will be paid in Spain.

Spanish Law applies to all Spanish citizens. This rule is very strict and does not allow the free disposal of the assets – two thirds of the estate must go to the immediate descendants. However, this rule does not apply to foreigners, who can, even if they are residents in Spain at the time of their passing, bequeath, as a legacy, any part of the estate or the whole of it to the spouse, descendant, relative or any other party.

The first step to take will be to know if there is a valid will in place. In Spain this is easy to search, as all the wills, right after being granted at the Notary, are registered in special office in Madrid. This office is public and anyone with an interest in a succession can have a certificate stating if any deceased party granted a will, and how to obtain copies of it. If there is a will in place then a “testate” inheritance process will follow, i.e. going as per the clauses and dispositions granted by the deceased. If there is not a valid will in place then the inheritance follows the “intestate” process and the Law will determine entirely the actual beneficiaries and the share of the estate they will inherit.

After the application of the previous and general rules, it is necessary to ascertain and identify the total number of inheritors that the estate will have, so these beneficiaries can claim the share of the estate they’re entitled.

This is done by following the details of the deceased as per his or her birth, marriage and death certificate, and deploying from there the full family tree (spouse / s, children, second matrimony, etc.). An important point is that the inheritance is a right, not a liability – in other words, nobody can be forced to inherit. This means that any potential beneficiary can simply reject his or her part of the estate, if he or she doesn’t want to inherit a property encumbered with legal charges (a quite common circumstance while inheriting a mortgaged property).

The last step will be to take the complete itinerary of facts and the supporting documents (mainly certificates, all of which must be originals) as described above, to the Notary. An important note must be added here: all the documents issued by an English office or drawn in English must be translated into Spanish and legalised.

The Notary will then review all the information and documents submitted with the file, request for any necessary item missing, and will finally issue the deeds containing the transfer of ownership from the deceased party to the beneficiaries. All the beneficiaries must sign the deeds at the Notary office, as a formal proof of acceptance.

This signing can be made personally or via Power of Attorney. These deeds, once taken to the Land Registry for inscription and paid the inheritance taxes, will be full, formal and legal evidence of ownership. It is important to note also that the Spanish State requests for the whole process to be completed within six months from date of death, otherwise surcharges of taxes (in the form of 25 % penalty fee on the taxes to pay) will apply. It is possible to apply for an extension of this term.

Please don’t hesitate to contact is if you would like a no obligation consultation with regards to any element of wills or inheritance.

]]>Property Purchase in Spainhttp://www.properties247.co.uk/property-purchase-spain/
Tue, 30 Jul 2013 11:40:28 +0000http://properties247.co.uk/?p=18751When many are still suffering the consequences of the financial crisis and the many excesses that provoked it (and amongst those excesses were the real estate craze in Spain) there are many property owners who are complaining of being tiedaaa

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When many are still suffering the consequences of the financial crisis and the many excesses that provoked it (and amongst those excesses were the real estate craze in Spain) there are many property owners who are complaining of being tied in to purchase agreements full of clauses that were not properly explained to them and in many cases not even translated.

Many people feel cheated by misleading advertising and a glittering marketing campaign that prompted them to buy.

The conclusions around, in many internet blogs as much as in the reliable media, is that Spain is a kind of wild west, in which it is very easy to be scammed; a place with unbeatable weather but where it is impossible to buy real estate with a guarantee. Is this so? Is Spain that lawless country so usually painted?

Very much on the contrary, Spain has one of the safest and most reliable systems in the world to protect real estate purchases. The combination of Notary witnessing and Land Registry inscription is the legal basis of the system. On top of these foundations some specific rules extend the protection for the purchasers:

Act 26/84 relating to consumers’ protection, states that any feature, description or characteristic of anything offered or advertised to the general public will be considered as part of the purchase contract, from the moment of the agreement, even if it’s not precisely mentioned in it.

Act 34/88 with regards to marketing and publicity, rules that anything promoted open and / or publicly for sale in sale must be genuinely described, and its main characteristics fully explained.

Act 515/89 relating to real estate publicity, set the exact rules to advertise real estate properties for sale (location, size, stage of construction, payment conditions, etc.). Moreover, this Act confirms as mandatory for any party advertising a property for sale, to keep a copy containing the full details and the characteristics, specifications and finishing of the property in a different file to that used for advertising, and that these two documents and the information they contain, must match completely. (The scope of this Act should not be underrated. A Spanish individual complained recently of an apartments promotions advertised by BBVA real estate, because in some posters promoting a complex of apartments it read “…this information is purely informative and may change”. The complaint made BBVA to withdraw all the posters they had in the area).

The previous are only a few of the resources that the consumers have to make sure that their purchases will be safe and legal. The Spanish Legal System has in place more than enough means to protect the purchasers of properties. It will not be the lack of legal protection, but the lowering of the basic cautions to have before signing an agreement, what will cause difficulties. The rules above described, and many others as much enforceable and fully in place, can (must, actually) be claimed, discussed and agreed before signing in the dotted line.

]]>Court rule on Mortgage Floor Clause Updatehttp://www.properties247.co.uk/court-rule-mortgage-floor-clause-update/
Wed, 24 Jul 2013 11:38:04 +0000http://properties247.co.uk/?p=18749After the recent Supreme Court judgement in which the court declared all floor clauses within mortgage agreements signed with BBVA (Spanish second largest bank) were abusive, hence null and void, some other first instance courts have started to apply andaaa

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After the recent Supreme Court judgement in which the court declared all floor clauses within mortgage agreements signed with BBVA (Spanish second largest bank) were abusive, hence null and void, some other first instance courts have started to apply and execute the legal precedent in claims filed by mortgagees.

The banks initially admitted the Supreme Court precedent and started to remove the floor clauses of the agreements which, obviously, reduced the payments in accordance with the new (and lower) interest rate.

However, the banks were reluctant to agree a retrospective effect of the clause removal, i.e. taking the reduction of the payments back to the date when the mortgage deeds were signed, and return the amounts thus paid in excess.

The first judgments to clarify this dispute have been issued and are, in all cases, quite clear: the floor clauses are null and void, so their effect in the agreement must be taken accordingly in the sense that the actual monthly payments of the borrowers should be calculated as if the clause had not been in the contract. In another words, the banks have to return the amounts paid in excess from the very date the contract was signed.

In Badajoz and Barcelona two first instance courts judged against many other banks and made them pay back to the clients retrospectively.

In Murcia an important case was held, in which BMN (formerly CajaMurcia, very active in the real estate boom of the past decade in Murcia and Alicante) alleged that they only included the floor clause in “approximately 30 % of the mortgage agreements proposed by the bank”. An independent research commissioned by the court discovered that the floor clause was entered in 70 % of the agreements, if with different names, structures and mechanisms – however, they were all floor clauses impeding the interest rates in the mortgages to fall below 3 %.

In all the cases commented above, the banks have been forced to return all monies paid in excess and its interest.

The banks insist in their standing: mainly the clauses are in the contract and were known and freely agreed by the borrowers.

However, the general spirit of the Supreme Court has been detailed very precisely by the court number five of Barcelona in the case against BBVA, which says: “the floor clause was in the agreement, but concealed among an outstanding amount of details, in such an way that it is clear that its intention was to divert the attention of the borrower”.

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A floor clause (or “cláusula suelo” in Spanish), usually entered in a financial agreement in relation to a cap floor, refers to a specific condition generally included in financial contracts, principally loans.

As a loan can be agreed based upon fixed or variable interest rate, the loans agreed with variable rates are usually linked to an official interest rate (in the UK the LIBOR, in Spain the EURIBOR) plus an extra amount (known as spread or margin).

Thus, what the mortgagee actually pays the bank every month is: a portion of the capital plus the benchmark or interest reference plus the spread. The latter (the spread) is, from the bank’s perspective, the profit for lending the capital; from the borrower’s is the price of using the monies borrowed.

Since the parties will want some certainty on the amounts actually paid and received in case of sudden and sharp movements of the benchmark, they can, and usually do, agree a system by which they are sure that the payments will not go too low (on the bank’s side, so they count on a certain and regular profit) or too high (on the borrower side, so the payments keep in an affordable level all throughout the mortgage term).

This system of limitation of the interest getting too low or too high, is that one known as “floor and cap clauses”.

These schemes have been used for many years in banking, and have been deemed as a useful way to keep the risk and uncertainties of the signing parties of a mortgage at bay. However in Spain, from around a decade ago, the original scheme has been corrupted to a point in which it has taken the Spanish Supreme Court to issue a Judgment in order to protect the consumers / mortgagees from the constant abuses that the banks inflicted on them.

The problem started around the years between 2001 and 2003. In the beginning of the last decade thousands of properties were sold every year in Spain (many of them to foreigners, as second residences), and thousands of mortgages were agreed to finance those purchases. In a crazy push to gain new clients, the local banks had to look for fresh ways to attract new borrowers.

In the midst of what is now considered irresponsible lending, a way to appeal to the new applicants, to all those looking for offers on how to finance their new homes, was to offer mortgages with a ridiculous, almost symbolic, interest rate, linked to an also very low margin – ads reading “mortgage at EURIBOR plus 0.5 %” or very similar were typical for almost a decade.

The competition between the banks was fierce in offering lower and lower rates. Since the EURIBOR, or benchmark, was low (it started the decade at 3% and ended up in 2010 below 1%), a quick calculation provided attractive figures: the repayment costs virtually nothing in the medium and long term, and with a lease it would be a profitable investment.

At this point very few borrowers, if that, would read the whole mortgage agreement before signing it, let alone having it translated and fully explain by an independent accountant or solicitor. There were a couple of years at a fixed rate, typically 3.5 %, but that was just the beginning – for 15, or 20 or more years the monthly payment was going to be ridiculously low. The buyers jumped on these offers – at the peak of the property bonanza (between 2004 and 2006) one million properties were sold every year in Spain.

After signing the agreements, the borrowers started repaying the loans for the first couple of years, at the initial fixed rate, expecting a drastic reduction of the payments once they go to variable. However, after some years into the term of the contract, the monthly repayments went up. They called their banks managers commenting on a mistake in the last month’s charge, but the reply they got was that there was nothing wrong with the charges – these were correct, all made as per the agreement.
It was in the agreement. Going down to the smaller print of the mortgage deeds, conveniently hidden amongst the endless and tedious legalities (a mortgage agreement has normally about 50 pages of complex verbiage, hard to understand even for a Spaniard not completely familiar with the legal jargon), there was a clause that simply was to make that godsend clause reading “EURIBOR plus 0.5%” totally futile, completely irrelevant, as good as not actually entered in the contract. This was the floor clause.

No one mentioned it to the borrowers initially, but somewhere in the contract there was a clause setting the floor and cap levels. The floor clause meant that regardless how low was the benchmark or official mark linked to the mortgage (EURIBOR), there was a floor in place: a minimum interest to apply to the mortgage every month. For instance, if the floor clause is set at 4 %, it didn’t matter that the rate of reference rate would go down to 1%, because if the sum of this rate to the spread gives less than four, then 4 % would be the interest to pay.

The borrowers complained about it to their banks in two ways, closely related one to the other: firstly, it is unfair that they do not benefit from the cut in the interest rates of the reference rate (the EURIBOR has been below 2% for 4 years now, from 2009 to 2013. Currently it’s 0.5 %); secondly, it is there in the agreement, but nobody explained it clearly to them. However, the banks refused firmly to discuss it, retorting in all cases to the same reply – you signed the agreement freely, and now it’s final in all its clauses enforceable, there’s nothing they will do about it.

The aftermath

Since the banks rejected even to consider discussions with their clients, so the claims started to reach the Courts, profusely, and all based on the same grounds; that something essential to the agreement, such as the cap and floor clauses, should have been explained precisely and more into detail, not left in a clause towards the end of the contract.

The first Judgements were dubious – it was a new circumstance, a dispute based upon complex, unique financial terms and conditions. Some Judges ruled favouring the banks – after all, there was an agreement and witnessed by a Notary.

However, the Higher Court, and eventually the Supreme Court, all ruled in the same direction in their pronouncements of the appeals (which came by the thousands): the clauses are obscure, very difficult to understand; hence they must be declared abusive and taken off the agreements.

Even if there was an agreement in place, and it was freely signed by the borrower, the general rules on financial contracts state that the essential clauses of an agreement (and the applicable interest rate is one of them) must be discussed individually and must be stated clearly in the document to sign.

The Supreme Court issued a historical Judgement (May 9th 2013) ruling illegal all floor clauses entered in the mortgage contracts from BBVA and two other Spanish banks. The conclusions of this document works like a handbook on the use of floor clauses in fair contracting:

The Courts must protect the weaker party in an agreement, usually the consumer against the lender.A clause is abusive when: a) it limits only the rights of the consumer, and b) it has not been negotiated and discussed individually between the parties.

The professionals (the banks) must prove that they offered to discuss the essential clauses individually, and has offered the consumer (the borrower) alternatives.

Any clause deemed abusive must be taken off the agreement, retroactively, i.e. not from the moment it’s declared abusive, but from the date the contract was agreed.

If your mortgage agreement contains cap & floor clauses, please don’t hesitate to contact us. It is likely that we can ensure that these clauses are removed from your loan agreement.

]]>Spanish Economy Ready to Grow, Says Eurozone Forecasthttp://www.properties247.co.uk/spanish-economy-ready-to-grow-says-eurozone-forecast/
Fri, 28 Jun 2013 11:29:50 +0000http://properties247.co.uk/?p=18744The Spanish economy seems to have bottomed out and be ready to start growing,” says the latest forecast from consultants, Ernst & Young, who estimate that the Spanish economy will fall by 1.7% this year but rebound by 0.2% inaaa

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The Spanish economy seems to have bottomed out and be ready to start growing,” says the latest forecast from consultants, Ernst & Young, who estimate that the Spanish economy will fall by 1.7% this year but rebound by 0.2% in 2014 and by 1.5% between 2015 and 2017. Although for this they call for continuing reforms, such as the tax system or pensions, in order to increase productivity and reduce unemployment.

According to their Eurozone Forecast (EEF), Ernst & Young list among the factors contributing to the favourable change in trend is the expansion of the term to reduce the deficit, which will help to gradually dilute the negative impact of austerity measures on domestic demand in the country.

The report also highlights Spain’s increase in competitiveness in recent years, which puts Spanish companies in a good position to take advantage of the opportunities that are expected in international trade in 2014.

In this regard, they welcomed the fact that Spanish exporters are diversifying into emerging economies, and estimated that the external sector will grow by 3.6% this year, which will boost the current account surplus.

El Economista reported that, despite the improved outlook, Ernst & Young believes that the economy faces “significant obstacles” in the short term. Among them, the report cites the difficulty for companies operating in a market where the credit crunch is still a problem.

In fact, they predict that investment will decrease by 7.1% this year, but will increase by 0.2% in 2014 and 2.5% in 2015. In this context, unemployment will continue to grow and will reach 28.5% in the first months of next year, but will end the year at 27.6%.

Chairman of Ernst & Young, José Miguel de Andrés, emphasised the need for further progress on reforms to increase productivity, reduce unemployment and generate sustainable growth. In his opinion, not reaching these goals would waste an opportunity to improve the medium-term prospects and undermine the growing confidence, jeopardizing the current period of market calm.

The EEF report forecasts that the whole of the eurozone will fall by 0.6% this year and grow by 0.9% next year, thereafter achieving an average growth of 1.5% between 2015 and 2017. Unemployment will also continue to increase to 12.7% in the first quarter of the year.

The report’s estimations take into account the change in position of the leaders of the eurozone from fiscal austerity to so-called “fiscal credibility”. In fact, the report says that if half the planned austerity measures were eliminated, the overall GDP would grow by about 1% in 2014, with Greece and Spain being the economies to benefit most.

Ernst & Young partner, Francisco González Carrera, said: “little can be done to improve the growth of the eurozone in the short term”, and that in his view the structural reforms being implemented, particularly in the countries of the periphery, will still take time to have an impact on GDP.

The fiscal policy will remain restrictive, although Ernst & Young believes that the European Central Bank (ECB) could do more for small and medium enterprises through a more suitable monetary policy for this group. In their view, the ECB’s monetary policy is “too restrictive” for the peripheral economies, however they expect the ECB to implement measures to encourage loans to SMEs. While new measures may take time to have an impact, they think that easier and broader-based access to finance could be a significant factor in securing a recovery. The authorities also now seem ready to slow the pace of fiscal consolidation.

However, the report noted the importance that easing austerity does not distract from politically difficult supply-side reforms. So far, the weak economy has encouraged national and EU-level governments to push through much-needed structural reforms. Because of this, it is entirely possible that some eurozone countries will emerge stronger from the crisis. Those receiving financial assistance or facing market pressures have already made significant progress and extreme financing constraints have forced essential reforms in politically sensitive areas.

]]>Housing Construction Could Rise by 5% in 2014http://www.properties247.co.uk/housing-construction-rise-5-2014/
Mon, 17 Jun 2013 11:24:41 +0000http://properties247.co.uk/?p=18742Housing construction in Spain will rebound by 5% next year and by 15% in 2015, according to forecasts presented last week by the Building Technology Institute of Catalonia (ITeC), member of Euro construct (an analysis group consisting of 19 Europeanaaa

]]>Housing construction in Spain will rebound by 5% next year and by 15% in 2015, according to forecasts presented last week by the Building Technology Institute of Catalonia (ITeC), member of Euro construct (an analysis group consisting of 19 European institutes).

Although these percentages translate into “insignificant” increases in activity in absolute terms, El Mundo reported that it is virtually the only positive data for the whole of the construction sector, which will continue in free fall this year.

According to ITeC, which prepares the report on Spain for Euro construct, the construction sector (comprising residential building, non-residential, rehabilitation and civil engineering) will yield by 23.8% in 2013, 7.7% in 2014 and 1.5% in 2015.

At a press conference, the head of the IteC forecast analysis service, Josep Ramon Fontana, explained that, although 2013 will close with 40,000 new home constructions started in Spain, which is 20% less than in the previous year, in 2014 the number of new home constructions will rise to 45,000, and in 2015 up to 60,000.

Fontana stressed that although these figures are “absurdly low” compared, for example, with the average 250,000 units started during the crisis of 1991-1993, they are “sufficient” to register increases in activity in 2014 and 2015, though with scarcely any “intensity”.

]]>Home Sales Bounce Up 10.8%http://www.properties247.co.uk/home-sales-bounce-10-8/
Wed, 12 Jun 2013 11:18:22 +0000http://properties247.co.uk/?p=18740The sale of homes rose 10.8% in April, over the same month of 2012, to 23,578 transactions, seemingly despite the end of the tax credit for the purchase of a home, and the increase in VAT on the sale ofaaa

]]>The sale of homes rose 10.8% in April, over the same month of 2012, to 23,578 transactions, seemingly despite the end of the tax credit for the purchase of a home, and the increase in VAT on the sale of new builds from 4% to 10%. The National Statistics Institute’s report, prepared from property registrar data, refers to sales closed some two months earlier (February).

Since March, when 12.6% fewer homes were sold, housing sales rose by 6.8%, which is 22.6 points higher than in April 2012 and the highest month-on-month rate recorded in the last five years. According to the same source, housing sales have accumulated an increase of 9.7% in the first quarter. Of all the homes sold in April, 43.4% were new and the remaining 56.6% were second hand. Year-on-year the sale of new property grew by 5.1% and second hand property by 15.6%.

The sale of private housing increased 12.7%, to 21,220 transactions, while that of social housing fell by 3.3% and totalled 2,358 transactions. During the fourth month of the year, the number of property transfers recorded in the property records from public deeds carried out previously was 142,206, which is 23.1% more than in the same month of 2012, and 14.4% more than in March.

Diario Sur reported that 82.5% of the property sales registered in April corresponded to urban properties (of which 49.9% are homes) and 17.5% to rustic properties. Urban property sales increased by 17.5% and rustic by 23%.

The Canary Islands and Murcia registered the largest percentage changes in housing sales, year-on-year, with increases of 64.6% and 48.3%, respectively. On the other side, registering the largest falls, were Asturias, the Basque Country and Navarre, with declines of 22.1%, 21.8%, and 18.2%, respectively.

]]>House prices Fall by 34.4% Bank of Spain sayhttp://www.properties247.co.uk/house-prices-fall-34-4-bank-spain-say/
Thu, 06 Jun 2013 11:10:55 +0000http://properties247.co.uk/?p=18738The Bank of Spain estimates that house prices have fallen by 34.4% in real terms since the beginning of the adjustment process in the second quarter of 2008. This is according to their 2012 Annual Report, which also notes thataaa

]]>The Bank of Spain estimates that house prices have fallen by 34.4% in real terms since the beginning of the adjustment process in the second quarter of 2008.

This is according to their 2012 Annual Report, which also notes that the downward trend has continued in the first months of 2013, although at a “slightly more subdued pace”. This percentage is higher than that estimated by the Ministry of Public Works, of 27%.

The organisation, governed by Luis Linde, explained that in light of the “intense” pace of decline in the number of housing permits in the second half of 2012, “it is expected that residential investment will continue to fall in 2013″.

However, they added that the regional differences observed in relation to the degree of absorption of unsold properties “suggest that the eventual point of recovery for residential investment may come sooner in some geographic areas than in others.”

In particular, they noted that there is a high concentration of surplus properties in coastal regions, with a high proportion of second homes, where the housing boom was particularly strong, and where the current volume of purchases of new housing is very low.

By contrast, El Mundo reported that other regions such as Madrid, Aragon, the Basque Country, Asturias and Galicia, are noted for having a volume of unsold homes “much smaller in relation to the overall total”. The Bank of Spain also noted that residential investment in 2012 “continued to be limited by the depth of the correction of the real estate excesses of the past” and fell for the fifth consecutive year.

According to the report, all this is “in an environment of weak demand for housing, continuing the downward trend in real estate prices and persistent high ‘stock’ of unsold homes, which delays the start of any new construction”.

On the other hand, the Bank of Spain believes that the elimination of the tax deduction for house purchases, along with the abolition of the super reduced VAT rate of 4%, effective from 1st January 2013, “are measures which will help equalise the tax treatment of home ownership and rentals”.

These tax changes, together with the adoption of the new Tenancies Act, “introduces greater freedom of the parties” in the conclusion of contracts, reducing the mandatory deadlines and eliminating mandatory CPI indexing, and “should generate an increase in the proportion of rental housing,” said the regulator

]]>Golden Visas available in Spain !http://www.properties247.co.uk/golden-visas-available-in-spain/
Thu, 23 May 2013 14:47:31 +0000http://properties247.co.uk/?p=17561Non EU residents who buy property over €500,000 in Spain will now have residency granted. Do you have a spare €500,000 and a desire to live in the Spanish sunshine? If so, you will be pleased to hear that Spainaaa

]]>Non EU residents who buy property over €500,000 in Spain will now have residency granted.

Do you have a spare €500,000 and a desire to live in the Spanish sunshine? If so, you will be pleased to hear that Spain plans to offer residency permits to those who buy a house worth more than €500,000.

Spanish Prime Minister Mariano Rajoy has announced that the nation will offer a ‘golden visa’, including automatic residency, for property purchases above €500,000 – raising the threshold from a proposal last year of €160,000.

Under the scheme, if foreigners invest in property and receive residency, they will be able to move freely around the 25-nation Schengen zone. This agreement, signed in Luxembourg in 1985, allows residents of the nations who signed it to travel to – though not work in – any other.

Spain’s key competitive advantage is that it is an ideal place to live and visit,

]]>What about Bank Repossessions?http://www.properties247.co.uk/what-about-bank-repossessions/
Mon, 20 May 2013 10:43:49 +0000http://properties247.co.uk/?p=16036In Spain, there are still many bank repossession properties available, many more than in any other country. So, the Spanish banks want to reduce the numbers of properties on their books. For the buyer this means that the time hasaaa

]]>In Spain, there are still many bank repossession properties available, many more than in any other country. So, the Spanish banks want to reduce the numbers of properties on their books. For the buyer this means that the time has never been better to acquire a property on the Costa del Sol.

Many people who want to sell their property wait many months or years in order to receive the perfect offer. Sellers generally don’t want to make any concession on their target price. On the contrary, for the bank, the house is a troublesome asset and their priority is to sell quickly, even if they must sell at a cheaper rate.

How much cheaper are they?

Prices are up to 80% less than the market value. Another bonus is that there is usually no chain involved – often you can be inside in just few days. Repossession properties from Properties247 start in the region of €90.000 for a two bedroom apartment. These are repossession properties located in key touristic areas of the Costa del Sol, including apartments, villas and townhouses which offer a high build standard with luxurious fixtures and fittings.

Seeking a good investment?

Through our network of real estate associates, Marbella Property Warehouse has exclusive and direct access to local bank repossession listings. Our clients are given the privilege of being amongst the first people to hear of Marbella properties once the bank has taken possession. It is here that many clients are able to purchase a new home below the current market value with the benefits of 100% mortgage – due to changes in the EU this level of financing will be scarce so it is recommended that clients act fast!

]]>BANK FIRESALE VIEWING TRIPS IN MARBELLAhttp://www.properties247.co.uk/bank-firesale-viewing-trips-in-marbella/
Fri, 17 May 2013 09:31:57 +0000http://properties247.co.uk/?p=16033Your time is running out to get the best BANK BARGAINS The banks have become structured in the way in which they are disposing of their repossessed properties in Marbella. In an effort to balance the accounts sheets and ridaaa

The banks have become structured in the way in which they are disposing of their repossessed properties in Marbella.

In an effort to balance the accounts sheets and rid themselves of mounting debts the banks began “firesaling” property in 2012.

It’s proved overwhelmingly success for both the bank and the buyer, huge numbers of properties have been sold within a few weeks, and many with a discount of up to 80% from their original price.

Properties247 has now been given direct access to what could possibly be the last 3 high quality bank repossession firesales in Marbella. We are urging any potential buyers to register for the coming fire-sale inspection tour ASAP.

Places on these tours are limited as the properties are not expected to be available for long and the banks only operate deals are good as these for very limited periods of time.

In general these heavily discounted Marbella properties are being marketed to bank staff and select bank investors. Properties247 are amongst the few that are also exclusively able to offer this opportunity to our clientele!

This opportunity is ideal for cash investors, although some finance will be made available for a select few,
Marbella property prices will start in the region of €110,000 for a two bedroom apartment.

For more information please register your interest at the below web page.

]]>Driving the Costa del Golfhttp://www.properties247.co.uk/driving-the-costa-del-golf/
Wed, 15 May 2013 09:20:07 +0000http://properties247.co.uk/?p=16031In Spain, there are still many bank repossession properties available, many more than in any other country. So, the Spanish banks want to reduce the numbers of properties on their books. For the buyer this means that the time hasaaa

]]>In Spain, there are still many bank repossession properties available, many more than in any other country. So, the Spanish banks want to reduce the numbers of properties on their books. For the buyer this means that the time has never been better to acquire a property on the Costa del Sol.Why buying repossession properties is cheaper?

Many people who want to sell their property wait many months or years in order to receive the perfect offer. Sellers generally don’t want to make any concession on their target price. On the contrary, for the bank, the house is a troublesome asset and their priority is to sell quickly, even if they must sell at a cheaper rate.

How much cheaper are they?

Prices are up to 80% less than the market value. Another bonus is that there is usually no chain involved – often you can be inside in just few days. Repossession properties from Properties247 start in the region of €90.000 for a two bedroom apartment. These are repossession properties located in key touristic areas of the Costa del Sol, including apartments, villas and townhouses which offer a high build standard with luxurious fixtures and fittings.

Seeking a good investment?

Through our network of real estate associates, Marbella Property Warehouse has exclusive and direct access to local bank repossession listings. Our clients are given the privilege of being amongst the first people to hear of Marbella properties once the bank has taken possession. It is here that many clients are able to purchase a new home below the current market value with the benefits of 100% mortgage – due to changes in the EU this level of financing will be scarce so it is recommended that clients act fast!

]]>British seek a place in the sunhttp://www.properties247.co.uk/british-seek-a-place-in-the-sun/
Mon, 13 May 2013 11:35:56 +0000http://properties247.co.uk/?p=16024Demand among Britons seeking a home overseas is growing, reflected by a rise in enquiries for information about buying overseas property, according to the most recent Overseas Guides Company (OGC) Quarterly Index, which measures interest in destinations popular with Britishaaa

]]>Demand among Britons seeking a home overseas is growing, reflected by a rise in enquiries for information about buying overseas property, according to the most recent Overseas Guides Company (OGC) Quarterly Index, which measures interest in destinations popular with British second home owners and expats.

The OGC, a free resource for overseas property buyers, attracted 9,685 direct requests for information, in the form of downloads of its free Buying Guides, in the first quarter of this year, up 50% on the same quarter last year.

“There’s been a very noticeable resurgence in interest in European destinations, in particular France and Spain , during the first three months of the year,” said Richard Way , editor of The Overseas Guides Company.

Mr Way reports that January was by far the strongest month of the quarter in terms of enquiries into OGC, owed partly to the effect the crisis in Cyprus.

“Ironically, while the situation may have knocked confidence in the euro, Cyprus was the only OGC destination that received more enquiries in March than both January and February, suggesting vulture buyers have begun circling for bargains on the island – this echoes the results of our partner Rightmove’s March report,” said Way.

He added: “Interestingly, the long-haul emigration destinations of Australia, New Zealand and Canada all saw year-on-year falls, albeit small ones, in enquiries. This could be due to a combination of the weaker pound, fewer employment opportunities and reports of inflated living costs, in particular in Australia.”

The first quarter of 2013 also saw the launch of the OGC Ireland Buying Guide, which has been well received and indicates a definite interest for property in Ireland, where the market is deemed to be turning, according to commentators.

Ireland generated more enquiries for the period than Turkey, New Zealand, Greece and Cyprus.

The total number of enquiries received by OGC during 2012 was 28,099, a year-on-year increase of 41 per cent on 19,916 in 2011. These, combined with leads generated in Q1, mean that today OGC has a quality database of more than 66,300 people interested in buying overseas property and/or moving abroad.

]]>Non-EU nationals buying property in Spain to be granted residencyhttp://www.properties247.co.uk/non-eu-nationals-buying-property-in-spain-to-be-granted-residency/
Wed, 08 May 2013 11:32:59 +0000http://properties247.co.uk/?p=16022Demand among Britons seeking a home overseas is growing, reflected by a rise in enquiries for information about buying overseas property, according to the most recent Overseas Guides Company (OGC) Quarterly Index, which measures interest in destinations popular with Britishaaa

]]>Demand among Britons seeking a home overseas is growing, reflected by a rise in enquiries for information about buying overseas property, according to the most recent Overseas Guides Company (OGC) Quarterly Index, which measures interest in destinations popular with British second home owners and expats.

The OGC, a free resource for overseas property buyers, attracted 9,685 direct requests for information, in the form of downloads of its free Buying Guides, in the first quarter of this year, up 50% on the same quarter last year.

“There’s been a very noticeable resurgence in interest in European destinations, in particular France and Spain , during the first three months of the year,” said Richard Way , editor of The Overseas Guides Company.

Mr Way reports that January was by far the strongest month of the quarter in terms of enquiries into OGC, owed partly to the effect the crisis in Cyprus.

“Ironically, while the situation may have knocked confidence in the euro, Cyprus was the only OGC destination that received more enquiries in March than both January and February, suggesting vulture buyers have begun circling for bargains on the island – this echoes the results of our partner Rightmove’s March report,” said Way.

He added: “Interestingly, the long-haul emigration destinations of Australia, New Zealand and Canada all saw year-on-year falls, albeit small ones, in enquiries. This could be due to a combination of the weaker pound, fewer employment opportunities and reports of inflated living costs, in particular in Australia.”

The first quarter of 2013 also saw the launch of the OGC Ireland Buying Guide, which has been well received and indicates a definite interest for property in Ireland, where the market is deemed to be turning, according to commentators.

Ireland generated more enquiries for the period than Turkey, New Zealand, Greece and Cyprus.

The total number of enquiries received by OGC during 2012 was 28,099, a year-on-year increase of 41 per cent on 19,916 in 2011. These, combined with leads generated in Q1, mean that today OGC has a quality database of more than 66,300 people interested in buying overseas property and/or moving abroad.

For every euro the Spanish invested in real estate abroad, some nine euros came into Spain from foreign investors. Thus, cash flows to abroad declined by 3.5% in 2012 compared to 2011, with 596 million euros, a much more moderate drop than that experienced in 2011, of 23.4%.

]]>Discounted Costa Blanca properties for salehttp://www.properties247.co.uk/discounted-costa-blanca-properties-for-sale/
Thu, 25 Apr 2013 11:23:58 +0000http://properties247.co.uk/?p=16020There are a wide range of homes in Costa Blanca available to buy at a fraction of their initial asking prices, and they are not all bank repossessions. Have a look at some of our properties for sale at fantastic price You don’t needaaa

]]>Why swapping the UK for Spain could make financial sensehttp://www.properties247.co.uk/why-swapping-the-uk-for-spain-could-make-financial-sense/
Wed, 10 Apr 2013 11:12:57 +0000http://properties247.co.uk/?p=16014Why more British retiring or considering retirement should consider living in Spain. British people on the verge of moving to Spain watched the Budget in March with particular interest, keen to see how economic conditions in Spain now compare with those in the UK. The resultaaa

]]>Why more British retiring or considering retirement should consider living in Spain.

British people on the verge of moving to Spain watched the Budget in March with particular interest, keen to see how economic conditions in Spain now compare with those in the UK. The result is, if they’re retired so not needing to work, they’re likely to be inclined to head for the Spanish sunshine.

Even expats in Spain have been intrigued to know what the UK government, now under pressure to kick-start economic recovery, plans to do.

It’s normal for expats to compare the UK’s rates of tax and living conditions with those in Spain, where austerity measures are also being implemented. In Spain though, the effects are being felt more by Spaniards in areas of the country with high unemployment, and less by retired expats who are financially secure and living with other expats, not only from the UK but other countries, in established tourist resorts.

To help relocating Brits, Spain offer a timely comparison between some of the taxes related to property and living in the UK and Spain, including some that featured in the recent UK Budget.

Council Tax

This is a key difference between living costs in the UK and Spain, where it is considerably cheaper. In the UK, many council’s have frozen rates for the past two years but hopes that George Osborne might force them to do this for another year did not materialise in his Budget.

Council tax in Spain, known as IBI, or SUMA in some parts, did increase slightly in 2012 but it still remains comparatively cheap. Homeowners in Spain also pay an annual garbage collection tax. As a guide, annual council tax for a typical three-bedroom villa in Costa Blanca will be around €450 and garbage collection €80, making a total of €530 (£453) payable to the council annually.

In the UK, annual council tax for a three-bedroom semi-detached home in the South-east is three times that, namely around £1,500 (€1,755)!

For many retirees on the Costa Blanca, such reduced council tax means making ends meet is easier, something that is increasingly difficult in the UK where inflation remains close to 3 per cent and interest rates on savings and annuities are dire.

Stamp Duty (SDLT)

The last stamp duty holiday in the UK ended in March 2012 and applied to first-time buyers buying under £250,000 – pressure on Osborne to re-introduce this did not happen, although he did announce a scheme to help first-time buyers get finance. Stamp duty rates in the UK are currently nil for property costing £125,000 and less, 1 per cent from £125,001 to £250,000 and rise on a sliding scale to 7% for properties over £2m.

In Spain, tax payable on a resale purchase is known as Transfer Tax, or ITP, and since January 2013 is levied at 8% of a property’s price up to €400,000, 9% on the value from €401,000 to €700,000, and 10% of value over and above €701,000.

In Spain, VAT (known as IVA) is levied on new-build property at 10%, as well as AJD tax (often referred to as Stamp Duty) at 1.5%. In the UK, new-build property attracts no VAT.

Despite the taxes to buy property being higher in Spain, prices per square metre in the Costa Blanca are so much lower than in most of the UK that even once you’ve factored in the higher taxes, Spanish property still remains very affordable.

On lower value property, such as those under €100,000, buying taxes remain relatively low – in fact, they can often cost you less than the effect a swing in the £/€ exchange rate can have on your purchase. Buyers just need to ensure they budget properly by adding on 10-11% to any purchase price.

VAT (IVA) and Duty

The standard rate of VAT in the UK is currently 20%. In Spain, the standard rate of VAT (IVA) is similar at 21%, with reduced rates at 10% and 4%.

Chancellor Osborne announced a scrapping of autumn’s planned fuel duty rise in his Budget – not surprising given the current cost of fuel, which is around £1.40 a litre for unleaded petrol and £1.45 a litre for diesel. In Spain, unleaded is currently around €1.54 (£1.32) a litre and diesel €1.41 (£1.21) a litre.

In the UK taxes on alcohol and cigarettes, are subject to automatic increases and due to rise by at least 2% over inflation until 2014 – Except beer. Wine and alcohol, both in bars and supermarkets, remain considerably cheaper in Spain. As a comparison, on 19th March, the cheapest bottle of Campo Viejo Rioja from a British supermarket was £6.00, while in a Costa Blanca supermarket the same or equivalent bottle would cost €2.99 (£2.55).

]]>Spanish Property Continues to Attract Foreign Investorshttp://www.properties247.co.uk/spanish-property-continues-to-attract-foreign-investors/
Wed, 10 Apr 2013 11:08:24 +0000http://properties247.co.uk/?p=16012Despite the economic uncertainty surrounding the country and the global recession, foreign investors are continuing to put their confidence in Spanish real estate. In fact, according to statistics from the Bank of Spain, during 2012, international property investment in Spainaaa

]]>Despite the economic uncertainty surrounding the country and the global recession, foreign investors are continuing to put their confidence in Spanish real estate. In fact, according to statistics from the Bank of Spain, during 2012, international property investment in Spain grew by 17% to more than 5,445 million euros.

However, this figure is lower than in 2011, when the increase was 23.6%. This lower growth was mainly due to the contraction of investment registered in the first half of the year, when doubts about the solvency of Spain led to a slowdown in foreign investment in real estate. Once these fears were dispelled, the investment activity resumed.

The Bank of Spain data shows that in 2011, foreign investors injected 4,723 million euros into real estate assets, from homes to offices and shopping centres (the bank does not provide a breakdown of this data), representing an increase of 23.6% compared to 2010.

Between January and June 2012, El Mundo reported that investors deposited only 2,445 million euros, almost the same as in the same period of 2011, when the figure was 2,432 million euros. However, these investments increased in the second half of the year, to over 3,000 million euros, which is 35% more than in the second half of 2011, bringing the total foreign investment for acquiring property in Spain during 2012 to more than 5,445 million euros.

The Chief Investment Officer of CB Richard Ellis, Mikel Marco-Gardoqui said that the difference between the first and second half of 2012 was “visceral” with the investment activity in the first half being very low because of the perceived risk of Spain’s possible exit from the euro. However, he said that “the doubt was gone” in the last four months of 2012 when, according to data from the consulting firm, 60% of the year’s investment operations were carried out, mainly by international agents, and particularly opportunistic investors and those looking for good locations.

Angel Serrano from Aguirre Newman, agreed that “the turmoil in the months of April and May 2012 caused many investment operations in shopping centres, offices or hotels to be suspended” but stressed that the market recovered after the summer, because the second half is usually more positive than the first, and also because there was an increase in home purchases in anticipation of the increase in VAT from 1st January 2013.

The Development Ministry said in the Plan for Infrastructure, Transport and Housing (Pitvi) 2012-2024 that “demand by foreign investors is key to the sector’s reform and recovery”, and noted that the ‘stock’ of unsold homes has been reduced by barely 8,000 since their peak levels in 2009, to around 680,000 homes.

Secretary of State for Trade, Jaime García-Legaz, announced in recent months that the Government were to consider the possibility of granting residence permits to foreigners who buy property in Spain for more than 160,000 euros.

For every euro the Spanish invested in real estate abroad, some nine euros came into Spain from foreign investors. Thus, cash flows to abroad declined by 3.5% in 2012 compared to 2011, with 596 million euros, a much more moderate drop than that experienced in 2011, of 23.4%.

]]>Spanish house prices fell by 13.7% in 2012http://www.properties247.co.uk/spanish-house-prices-fell-by-13-7-in-2012/
Thu, 21 Mar 2013 11:00:05 +0000http://properties247.co.uk/?p=16010According to the Housing Price Index published by the National Statistics Institute on Friday, the price of private homes in Spain fell an average of 13.7% in 2012 compared with the previous year, thus registering its fifth consecutive annual decline,aaa

]]>According to the Housing Price Index published by the National Statistics Institute on Friday, the price of private homes in Spain fell an average of 13.7% in 2012 compared with the previous year, thus registering its fifth consecutive annual decline, and its biggest since the outbreak of the crisis.

During the last five years, the price of private housing has experienced yearly declines: of 1.5% in 2008, 6.7% in 2009, 2% in 2010, 7.4% in 2011 and 13.7% in 2012. Only in 2007, when the index first started, did the price of private housing experience a positive rate, of +9.8%.

With regard to types of housing, 2012 registered record falls in both new and used housing. With the average price of new homes dropping by 12.3% in 2012, accumulating four years of negative figures, with last year’s result being the biggest decline to date. In the case of second-hand housing, the price fell by 14.8% in 2012, its biggest decline since 2008, and its fifth consecutive annual decline.

In the fourth quarter of 2012, the price of private housing fell by 12.8% over the same quarter of 2011, moderating by almost two and a half points the year-on-year decline experienced in the third quarter (-15.2%).

Quarter-on-quarter (the fourth quarter of 2012 over the third quarter), the price of private housing fell by 1.4% this was smallest decline since the second quarter of 2011. In the last three quarters, house prices experienced negative quarterly rates of between 3% and 5%. Since the third quarter of 2010, the price of housing has registered negative quarterly rates.

The price of new homes fell by 1.1% in the fourth quarter of 2012, quarter-on-quarter, its smallest decline since the fourth quarter of 2010. Meanwhile, the price of used homes experienced a quarterly decline of 1.6%, its slowest decline since the second quarter of 2011.

All regions recorded average negative rates in housing prices in 2012. The regions that showed the sharpest falls in prices were Catalonia (-15.8%), Madrid (-15.3%) and the Basque Country (-15.1%), while the lowest declines were registered for Murcia (-11.2%) and Extremadura (-8.2%).

In quarterly values, the price of private housing fell in 13 regions and rose in four. The largest decreases were registered in Murcia (-3.5%), Valencia (-2.2%) and Madrid (-1.9%), while quarterly increases in prices were registered for the Canaries (+0.3%), Asturias (+0.4%), Galicia (+0.5%) and Cantabria (+0.7%).

The Housing Price Index published by the National Statistics Institute is consistent with the requirements of Eurostat and supplements that published quarterly by the Ministry of Development. Among its goals is to serve as a point of comparison between Member States in terms of housing prices.

]]>More overseas nationals buying property in Spainhttp://www.properties247.co.uk/more-overseas-nationals-buying-property-in-spain/
Wed, 06 Mar 2013 10:48:10 +0000http://properties247.co.uk/?p=16008The latest figures from the General Council of Notaries has revealed a substantial 28.4% increase in the number of foreign and non-resident buyers of Spanish property in 2012, with declining property prices the main reason attributed to the rise in the volumeaaa

]]>The latest figures from the General Council of Notaries has revealed a substantial 28.4% increase in the number of foreign and non-resident buyers of Spanish property in 2012, with declining property prices the main reason attributed to the rise in the volume of people buying property in Spain over the last 12 months. However, the data contrasts with last month’s INE figures which revealed that there was a 3% fall in the overall number of Spanish property transactions last year.

According to the General Council of Notaries, a total of 38,312 non-Spanish residents purchased properties in the country in 2012, with indications that market conditions could improve further.

Marc Pritchard, sales & marketing manager of Spanish house builder, Taylor Wimpey España, comments: “The situation on the ground here in Spain over the last 12 months is in many ways different to how it has been portrayed to the rest of the world. Far from Spain being ‘in pain’, the second homes market in 2012 experienced a real revival with more buyers from more diverse countries seen since 2007.

“Indeed in line with the General Council of Notaries’ data, we at Taylor Wimpey España experienced an overall 31% increase in sales to foreign buyers in 2012 with Russians up 27%, Brits 24% but also notably Scandinavian buyers up a massive 311%!”

The geographical shift in buyers was also noted in the recent data with Russians becoming, for the first time, the second largest buying group in 2012, surpassed only by the British. Scandinavian and Benelux buyers also retained their dominance outperforming German and Italians and newcomers such as Algerians and Kuwaitis were also welcomed as buyers in the last 12 months.

According to data from the General Council of Notaries, the average price of homes purchased by Swedish citizens was 252,766 euros. In Andalusia, 29.4% of the purchases made in the first half of 2012 were non-resident foreigners. “The average sale price for us in 2012 was 164,000 euros, with large differences between different areas. For example, in Torrevieja, the average price is 114,000 euros while in Nerja it is 245,000 euros.”

Pritchard added: “The current domestic Spanish property market is reeling from one body blow after another however; our sales volumes prove this has not deterred foreign buyers purchasing second homes. Many view the Costa Blanca as the preferred holiday home destination; with warm seas, sunny skies, plenty to do day and night and more cheap flights per day than you could shake a stick at, it is a serious lifestyle option for fed up Brits looking to escape the cold.”

]]>Resale asking prices remain stable in Spainhttp://www.properties247.co.uk/resale-asking-prices-remain-stable-in-spain/
Mon, 18 Feb 2013 09:55:45 +0000http://properties247.co.uk/?p=16005Resale asking prices in Spain remained stable last month following 36 consecutive months of declines, according to the monthly index produced by Spanish property portal Fotocasa. Resale asking prices in the Fotocasa database averaged €1,890sqm in January, almost the same as inaaa

]]>Resale asking prices in Spain remained stable last month following 36 consecutive months of declines, according to the monthly index produced by Spanish property portal Fotocasa.

Resale asking prices in the Fotocasa database averaged €1,890sqm in January, almost the same as in December. That is the first time there has been no monthly decline in prices since February 2010.

According to Fotocasa, asking prices actually increased in popular regions like Murcia (+1%), The Canaries (+0.7%), Andalucia (+0.7%) and the Valencian Community.

The positive Spanish property price index has led to a number of articles asking if now the ideal time to buy a property in Spain is now. But with the Spanish economy in disarray and a glut of new homes still on the market, the reality is that a full recovery is still a long way off happening.

Spanish property experts Mark Stucklin commented: “Murcia is a region where a resale housing stock of not particularly good quality sits on the market alongside a glut of new homes. Asking prices in the Fotocasa database may have risen in Murcia in January, but I find it hard to believe that real prices went anywhere but down.”

ies, these buyers of Spanish property are, mostly, middle-aged couples (between 50 and 55 years), looking for a holiday home for their retirement. The Swedish real estate agency said that “80% of these buyers contact us via the Internet or in real estate fairs in Sweden. The majority take on a mortgage in their own country, sell shares, or buy with their savings”.

According to data from the General Council of Notaries, the average price of homes purchased by Swedish citizens was 252,766 euros. In Andalusia, 29.4% of the purchases made in the first half of 2012 were non-resident foreigners. “The average sale price for us in 2012 was 164,000 euros, with large differences between different areas. For example, in Torrevieja, the average price is 114,000 euros while in Nerja it is 245,000 euros.”

Pritchard added: “The current domestic Spanish property market is reeling from one body blow after another however; our sales volumes prove this has not deterred foreign buyers purchasing second homes. Many view the Costa Blanca as the preferred holiday home destination; with warm seas, sunny skies, plenty to do day and night and more cheap flights per day than you could shake a stick at, it is a serious lifestyle option for fed up Brits looking to escape the cold.”

]]>Turkey to Build Worlds Largest Airport in Istanbulhttp://www.properties247.co.uk/turkey-build-worlds-largest-airport-istanbul/
Fri, 15 Feb 2013 16:53:42 +0000http://properties247.co.uk/?p=22307With 130 million passengers passing through Turkey’s airports last year (2012), numbers were up by 85% on 2007 which was considered the peak of the holiday property market. Clearly the country is in growth mode and must prepare for continuedaaa

]]>
With 130 million passengers passing through Turkey’s airports last year (2012), numbers were up by 85% on 2007 which was considered the peak of the holiday property market. Clearly the country is in growth mode and must prepare for continued substantial growth into the future.

Turkey Planning to Build the World’s Largest Airport

With 130 million passengers passing through Turkey’s airports last year (2012), numbers were up by 85% on 2007 which was considered the peak of the holiday property market. Clearly the country is in growth mode and must prepare for continued substantial growth into the future.

Istanbul Ataturk airport is already running at full capacity, with some 45 million passengers in 2012. That puts it at 21st busiest in the world, measured by passenger numbers, and there is no room for expansion.

So Turkey recently announced that it plans to build the largest airport in the world in Istanbul. Not doing anything by halves, it will have an estimated capacity of 150 million passengers a year, and the anticipated building cost is around €7 billion. For comparison, the current largest in the world is Hartsfield-Jackson Atlanta in the USA with 95 million passengers last year.

The project is planned in two stages. The first stage should be finished by the end of 2016 and will provide facilities for 90 million passengers a year. The company that wins the tender will have the right to operate the airport for 25 years. It’s understood that companies from Holland, France and Turkey are interested in bidding.

Once the project is completed, Istanbul will have three airports – Ataturk, Sabiha Gokcen and the new (as yet unnamed) largest-in-the-world airport.

In 2012 Turkey was ranked sixth in the world for numbers of tourists, welcoming around 30 million people. This year it is expecting considerable growth in the number of visitors from India, and is anticipating a 30% rise in volume. Last year around 90,000 Indians visited Turkey – an increase of 24% compared to 2011.

Turkish Airlines wants to double the number of flights between New Delhi and Istanbul as well as Mumbai and Istanbul.

]]>Swedish Home Buyers Up 138%http://www.properties247.co.uk/swedish-home-buyers-up-138/
Fri, 01 Feb 2013 09:52:54 +0000http://properties247.co.uk/?p=16000The percentage of Scandinavian citizens buying homes on the Spanish coast is growing every year, making them one of the leading nationalities looking for bargain properties in areas like the Costa del Sol and the Costa Blanca. Between 2008 andaaa

]]>The percentage of Scandinavian citizens buying homes on the Spanish coast is growing every year, making them one of the leading nationalities looking for bargain properties in areas like the Costa del Sol and the Costa Blanca. Between 2008 and 2010, the volume of Swedish buyers grew by over 138% with the average buyer looking for a two bedroom apartment with terrace and willing to spend about 160,000 euros.

Daniel Nilsson, the Regional Director for Spain of The Real Estate Agency, the leading real estate company in Sweden said, “the Swedes have been buying in Spain since the 70s, but I think the interest has never been greater. The fall in prices has opened the market to new groups of buyers who previously could not afford to buy a home in Spain”.

The company, which has been operating in Spain since 2008, says that home sales to Scandinavian citizens during 2012 soared by 90% in areas such as the Costa Blanca and the Costa del Sol. “The climate and quality of life in these Mediterranean areas are the greatest guarantees offered to foreign investors,” said Nilsson, and highlighted four destinations as the most popular: Torrevieja, Nerja, Marbella and Fuengirola.

Expansión.com reported that the boom in Swedish buyers is due to two factors – the fall in prices the properties are experiencing, especially holiday homes in Spain, as well as the good economic situation in the Nordic country. “Another factor is the increasingly better communication, with several direct flights daily from Alicante and Malaga, allowing buyers to enjoy their properties to a greater degree throughout the year,” explained Nilsson.

Besides coming from big cities, these buyers of Spanish property are, mostly, middle-aged couples (between 50 and 55 years), looking for a holiday home for their retirement. The Swedish real estate agency said that “80% of these buyers contact us via the Internet or in real estate fairs in Sweden. The majority take on a mortgage in their own country, sell shares, or buy with their savings”.

According to data from the General Council of Notaries, the average price of homes purchased by Swedish citizens was 252,766 euros. In Andalusia, 29.4% of the purchases made in the first half of 2012 were non-resident foreigners. “The average sale price for us in 2012 was 164,000 euros, with large differences between different areas. For example, in Torrevieja, the average price is 114,000 euros while in Nerja it is 245,000 euros.”

Pritchard added: “The current domestic Spanish property market is reeling from one body blow after another however; our sales volumes prove this has not deterred foreign buyers purchasing second homes. Many view the Costa Blanca as the preferred holiday home destination; with warm seas, sunny skies, plenty to do day and night and more cheap flights per day than you could shake a stick at, it is a serious lifestyle option for fed up Brits looking to escape the cold.”

]]>Property in Costa Blanca remains top choice for buyershttp://www.properties247.co.uk/property-in-costa-blanca-remains-top-choice-for-buyers/
Thu, 17 Jan 2013 09:31:16 +0000http://properties247.co.uk/?p=15997With its delightful subtropical climate, miles of golden sandy beaches and mountainous interior, the Costa Blanca remains the most attractive and popular region to buy property in Spain, according to house builder Taylor Wimpey España. Citing recent the analysis of enquiries made onaaa

]]>With its delightful subtropical climate, miles of golden sandy beaches and mountainous interior, the Costa Blanca remains the most attractive and popular region to buy property in Spain, according to house builder Taylor Wimpey España.

Citing recent the analysis of enquiries made on the largest English language Spanish property portal, Kyero.com from July to December 2012, the developer points out that the Costa Blanca continues to be the most attractive province for foreign buyers accounting for 33% of all enquiries generated.

The data also showed that the Malaga province attracted 15% of foreign buyer enquiries, followed by Murcia with 6% and Tarragona with 5%.

The most popular property types enquired about were apartments (37%) followed by villas (29%) and country houses (17%).

Marc Pritchard, sales and marketing manager at Taylor Wimpey España comments, said: “With Alicante being such a popular choice for overseas buyers, it’s hardly surprising that the Costa Blanca is top of the list of foreign buyer enquiries. Here at Taylor Wimpey España we offer a variety of high quality, affordable developments in the province, with our own 57% increase in sales volume throughout 2012 in comparison to 2011, reflecting the Costa Blanca’s popularity.”

In terms of property size, the Kyero report reveals that 3-bed properties attracted the most interest (33%) followed closely by 2-bed properties (31%). And at 46% of all enquiries, the most attractive price band was €50,000 to €150,000, followed by those under €50,000 (22%) indicating that buyers are still looking to take advantage of falling prices and bag a bargain.

Pritchard added: “The current domestic Spanish property market is reeling from one body blow after another however; our sales volumes prove this has not deterred foreign buyers purchasing second homes. Many view the Costa Blanca as the preferred holiday home destination; with warm seas, sunny skies, plenty to do day and night and more cheap flights per day than you could shake a stick at, it is a serious lifestyle option for fed up Brits looking to escape the cold.”

]]>What is a Spanish NIE number, and how to get one?http://www.properties247.co.uk/what-is-a-spanish-nie-number-and-how-to-get-one/
Fri, 28 Dec 2012 16:06:20 +0000http://properties247.co.uk/?p=13520NIE is an abbreviation for Número de identidad de extranjero, which translates as ‘Identification number for foreigners’. The main purpose of the NIE for Spain is fiscal control. Without a Spanish NIE number, the Spanish tax authorities are unable to assess or process annualaaa

]]>NIE is an abbreviation for Número de identidad de extranjero, which translates as ‘Identification number for foreigners’. The main purpose of the NIE for Spain is fiscal control. Without a Spanish NIE number, the Spanish tax authorities are unable to

assess or process annual tax payments such as income tax (IRPF), and the annual wealth tax (Patrimonio), both of which are paid by non- resident property owners. Not paying these taxes (or making provisions with the Spanish tax authorities to pay these taxes in your country of residence under a double-taxation treaty) can incur heavy fines.

Who needs an NIE in Spain?

1. Any foreigner who becomes resident for tax purposes in Spain needs an NIE number in Spain.

2. Any non-resident foreigner who buys property in Spain. If a couple buys a property in Spain together, and they register the property in both their names, then both of them must obtain an NIE number in Spain.

When do you need to have an NIE number?

If you are buying property in Spain, then you need to have an NIE number Spain by the time you sign the deeds of purchase before notary, an event known in Spain as the escritura.

On a number of bank firesale properties it is also essential for the buyer to have a NIE number in place to reserve these properties (this is a bank stipulation).

Getting your NIE number in time for escritura means applying at least 1 month before hand if you are applying in Spain, and at least 2 months before hand if you are applying via a consulate abroad. The actual time it takes depends upon where you apply, and the time of the year.

At Properties247 our lawyers will act on your behalf to obtain your NIE number saving you a considerable amount of time, the process can be conducted from abroad, also saving you from the need to travel to Spain to complete the application process. The requirements for a third party application are detailed below.

How do you apply for an NIE number?

If you are an EU national there are 3 ways to apply for NIE numbers in Spain:

1. Apply in person in Spain.

2. Apply in person via a Spanish Consulate abroad.

3. Apply through a legal representative in Spain, using a power of attorney (POA), known as a poder in Spanish. This is the recommended route when reserving a property offered in a Spanish bank fire sale.

You will simply need to send us a copy of your passport and official address (electronically), our lawyers will then complete necessary documentation on your behalf in both English & Spanish and send back to you (electronically.

At this stage you will also need to provide the lawyers with POA to operate on your behalf, this will need to be stamped by public notary in your resident country, which can be arranged either by yourself or your local lawyers. The original copies of this documentation then simply need to be returned by post to your Spanish Lawyers to hold on File and act on your behalf.

]]>Euro rallies against Dollar and Poundhttp://www.properties247.co.uk/euro-rallies-against-dollar-and-pound/
Thu, 20 Dec 2012 16:09:33 +0000http://properties247.co.uk/?p=13490The Euro is up 1.38pc against the Pound in the last month, and 2.94pc against the Dollar. The end of the year brings about much festivity but goodwill to all men is perhaps not what can be relied on whenaaa

]]>The Euro is up 1.38pc against the Pound in the last month, and 2.94pc against the Dollar.

The end of the year brings about much festivity but goodwill to all men is perhaps not what can be relied on when you look at the state of the world economy and projections about the UK for what could yet prove to be an un-happy New Year.

Growth estimates for 2013 are down and the stark reality that the UK may enter an unprecedented triple-dip recession will be confirmed in January. The eurozone continues with its canny knack of being able to sail on a calm sea despite the storm that’s going on around it and have announced today that supervision of banks within the eurozone will be directly be in the hands of the European Central Bank.

This union will promote prudent banking and will help act as a preventative against bank failures triggered by the ongoing financial crisis still consuming the wider world. For those waiting for the euro to trip up and weaken in the light of Greece, Spain and others not performing economically, this unity of banks should act as a warning that the single currency is trying to cover itself with a blanket of protection with a view to underpin itself against further pressures.

Advice to people looking to enter the currency markets is to remain aware of the current climate. We touched €1.25 in the summer but have now been trading below this key level for nearly five months so those looking to lock in at this price, but are time sensitive may need to re-evaluate their expectations particularly in light of the euro strength that we have seen and the UK’s apparent inability to sustain positive news regarding its own matters. This is something that may weigh heavily on the pound throughout the next 12 months.
Do you need to buy or sell foreign currency? Click here for a free quote and advice from specialist currency brokers Currecy Exchange

]]>Properties247 to offer clients viewing Trips in 2013http://www.properties247.co.uk/properties247-to-offer-clients-viewing-trips-in-201/
Wed, 12 Dec 2012 15:57:57 +0000http://properties247.co.uk/?p=13485The Euro is up 1.38pc against the Pound in the last month, and 2.94pc against the Dollar. The end of the year brings about much festivity but goodwill to all men is perhaps not what can be relied on whenaaa

]]>The Euro is up 1.38pc against the Pound in the last month, and 2.94pc against the Dollar.

The end of the year brings about much festivity but goodwill to all men is perhaps not what can be relied on when you look at the state of the world economy and projections about the UK for what could yet prove to be an un-happy New Year.

Growth estimates for 2013 are down and the stark reality that the UK may enter an unprecedented triple-dip recession will be confirmed in January. The eurozone continues with its canny knack of being able to sail on a calm sea despite the storm that’s going on around it and have announced today that supervision of banks within the eurozone will be directly be in the hands of the European Central Bank.

This union will promote prudent banking and will help act as a preventative against bank failures triggered by the ongoing financial crisis still consuming the wider world. For those waiting for the euro to trip up and weaken in the light of Greece, Spain and others not performing economically, this unity of banks should act as a warning that the single currency is trying to cover itself with a blanket of protection with a view to underpin itself against further pressures.

Advice to people looking to enter the currency markets is to remain aware of the current climate. We touched €1.25 in the summer but have now been trading below this key level for nearly five months so those looking to lock in at this price, but are time sensitive may need to re-evaluate their expectations particularly in light of the euro strength that we have seen and the UK’s apparent inability to sustain positive news regarding its own matters. This is something that may weigh heavily on the pound throughout the next 12 months.
Do you need to buy or sell foreign currency? Click here for a free quote and advice from specialist currency brokers Currecy Exchange

]]>French and Russian buyers behind the rising house prices in the Costa Bravahttp://www.properties247.co.uk/french-and-russian-buyers-behind-the-rising-house-prices-in-the-costa-brava/
Thu, 06 Dec 2012 15:54:59 +0000http://properties247.co.uk/?p=13483Resorts like Lloret de Mar, Blanes, and Roses have risen a fraction recently, according to a market study published by local estate agents and developers, reported in the Spanish press. The local associations of both estate agents and developers inaaa

]]>Resorts like Lloret de Mar, Blanes, and Roses have risen a fraction recently, according to a market study published by local estate agents and developers, reported in the Spanish press.

The local associations of both estate agents and developers in the Catalan province of Girona, home to the Costa Brava, say that house prices in coastal areas have risen in the last few months, based on a recent market study commissioned by them.

An increase in demand from French and Russian holiday-home buyers lies behind the increase, they suggest.

“This increase is clearly driven by sales of second homes to Russians and French,” said Ramón Coromínas, in comments to the Spanish press.

Russians favour holiday-homes on the South Costa Brava, around towns like Lloret de Mar and Blanes, whilst the French go for homes in the Alt Emporda, close to the French border.

Look beyond the headlines of an increase in Costa Brava property prices, however, and the news isn’t all good. It turns out that, although house prices in some areas have risen in the last couple of months, over a six-month period prices for both new and resale homes actually fell in most areas.

The report also reveals that Girona, the provincial capital, has been displaced by Figueres, capital

]]>Notaries forecast increase in home sales before the year endhttp://www.properties247.co.uk/notaries-forecast-increase-in-home-sales-before-the-year-end/
Fri, 30 Nov 2012 15:48:34 +0000http://properties247.co.uk/?p=13478Spanish notaries forecast that there will be a late flurry of home sales as buyers take advantage of tax breaks that will disappear at the end of the year. Mortgage tax relief will end this year, whilst VAT on newaaa

]]>Spanish notaries forecast that there will be a late flurry of home sales as buyers take advantage of tax breaks that will disappear at the end of the year.

Mortgage tax relief will end this year, whilst VAT on new homes will increase from 4pc to 10pc in 2013. For those already planning to buy a home, many will find it much cheaper to do so this year.

The notaries also argue that the imminent introduction of the so-called “bad bank” will stimulate sales this year, as banks use big discounts to dump properties before they are taken over. The “bad bank” is supposed to be up and running by the end of the year.

Annualised homes sales fell 18pc in September, to 22,413, having rising 12pc in August, whilst the average house price fell 14pc in a year, according to the latest data from the notaries association.

]]>Wealthy buyers to be offered residency permits by Spanish Governmenthttp://www.properties247.co.uk/wealthy-buyers-to-be-offered-residency-permits-by-spanish-government/
Sat, 24 Nov 2012 15:43:28 +0000http://properties247.co.uk/?p=13476Homes costing €160,000 or more might get non-EU nationals a residency permit in Spain, but not a work permit The Spanish Government is considering offering residency permits to non-EU nationals who spend €160,000 or more on a home or second-homeaaa

]]>Homes costing €160,000 or more might get non-EU nationals a residency permit in Spain, but not a work permit

The Spanish Government is considering offering residency permits to non-EU nationals who spend €160,000 or more on a home or second-home in Spain, Ministers have revealed.

The proposal is mainly aimed at Russian and Chinese buyers, as EU nationals are already allowed to live in Spain, whether or not they buy property.

The goal is to stimulate home sales and help mop up the Spanish property glut. “We have to sell those homes,” Prime Minister Rajoy has said.

Russian interest in Spain is already growing rapidly. The number of Russian tourists broke through the 1 million mark this year, and Russians are already the fourth-biggest group of foreign property-buyers in Spain, after the UK, France, and Germany.

On the Costa del Sol, wealthy Russians accounted for 80pc of all purchases over €1 million last year, according to Spanish press reports. The Chinese, on the other hand, prefer to buy in cities like Barcelona and Madrid.

But as things stand, Russians and Chinese need a visa to visit Spain, and can only stay for 90 days at a time, which discourages many potential buyers. This proposal will make it easy for those with money to get a residency permit if they buy a property.

Mixed reception

Spanish developers are reported to delighted by the proposal, saying they “defend” and “applaud” the measure, but others are less enthusiastic.

Antonio Carroza, head of Alquiler Seguro, a rental business, says it’s “doomed to fail, as it just repeats antiquated models using real estate for speculation.” He also points out that many questions will need answering, for example will only cash buyers get residency permits?

No public services or jobs

The proposal will not entitle foreign buyers to work permits, public schooling or health, Jaime García-Legaz, Secretary of State for Commerce, has stressed.

He also conceded that the proposal has caused “some confusion”, as the Government first appeared to announce it as a done-deal, but then backtracked saying the final decision hasn’t yet been taken, which is where we are now.

Spain isn’t the only Mediterranean country trying to attract foreign buyers: The Greek Government is considering dishing out 5-year residency permits to buyers who spend €300,000 or more on a first or second home, say press reports.

]]>Government to fast track residency permits for foreign buyershttp://www.properties247.co.uk/government-to-fast-track-residency-permits-for-foreign-buyers/
Wed, 07 Nov 2012 14:59:51 +0000http://properties247.co.uk/?p=13464The Foreign Minister has announced plans to make it easier for foreigners to get residency permits if they buy a home in Spain. Spain needs foreigners to buy its properties to help absorb the glut of new homes on theaaa

]]>The Foreign Minister has announced plans to make it easier for foreigners to get residency permits if they buy a home in Spain.

Spain needs foreigners to buy its properties to help absorb the glut of new homes on the market. The problem is, it can be quite tricky for non-EU nationals to buy a home in Spain, thanks to all the bureaucratic hoops they are forced to jump through.

The Government is now trying to make it easier for property investors from outside the EU to buy in Spain and get residency permits as a consequence.

The Spanish Foreign Minister, José Manuel García-Margallo (pictured above), announced the initiative to the Spanish Parliament this week, explaining that the Government will now fast track residency permits for Non-EU nationals who buy homes in Spain, and “simplify entry requirements.” This will involve a close collaboration between the Foreign Ministry and the Ministry of Industry and Tourism, he said.

]]>New amnesty possible for owners of unregistered homeshttp://www.properties247.co.uk/new-amnesty-possible-for-owners-of-unregistered-homes/
Tue, 06 Nov 2012 15:33:40 +0000http://properties247.co.uk/?p=13472The Government has announced plans to make it easier to register homes that have not been inscribed in the Cadastre, so they can be taxed properly. There may be thousands of properties in Spain that have not been properly inscribedaaa

]]>The Government has announced plans to make it easier to register homes that have not been inscribed in the Cadastre, so they can be taxed properly.

There may be thousands of properties in Spain that have not been properly inscribed in the Cadastre, which means owners have not been paying the correct amount of local property tax (known as the IBI). Many of them will not have been paying any tax at all.

The Cadastre is a property register that is used for calculating rateable values for local property taxes.

To sort out this problem, and help town halls collect more tax, the Government has drafted a new amendment to the national budget for 2013 that offer owners a kind of amnesty for not paying local property taxes in the past.

Under the proposed amendment, owners who have not paid taxes on properties that were not properly inscribed in the Cadastre can now register their homes (and/or building changes) and avoid fines for back taxes by paying a penalty of just €60. Under the current law, the fine could be as high as €6,000.

Opposition parties have denounced the amendment as “unjust” and “indecent” for allowing potentially wealthy people to avoid paying the taxes they owe.

The amnesty will only benefit owners of properties that do not contravene any planning laws. It will still not be possible to register illegally-built properties in either the Property Register or the Cadastre.

Readers familiar with Spain will know that, in reality, there are many illegally built homes in Spain that have in fact been inscribed in the Cadastre, and whose owners pay IBI.

]]>Spanish Property are up for the first time in 17 monthhttp://www.properties247.co.uk/spanish-property-are-up-for-the-first-time-in-17-month/
Sat, 27 Oct 2012 14:43:07 +0000http://properties247.co.uk/?p=13459The Spanish property market grew an annualised 7pc in August, the first increase since February 2011. There were 25,020 Spanish home sales in August (excluding social housing), up 7pc over the same month last year, and 4pc on the previousaaa

]]>The Spanish property market grew an annualised 7pc in August, the first increase since February 2011.

There were 25,020 Spanish home sales in August (excluding social housing), up 7pc over the same month last year, and 4pc on the previous month.

The rise came entirely from the sale of new homes, which responded to temporary Government measures to stimulate the market, including a 50pc reduction in VAT (from 8pc to 4pc), effective until the end of the year, when it rises to a new rate of 10pc. Increasing numbers of foreign buyers lured in by lower prices on new homes sold by banks also helped. In contrast, resale transactions fell.

The temporary nature of the measures means that home sales might slump again when the measures expire.

Some Spanish media have reported the news as the beginnings of a housing-market recovery, which I don’t think it does. However, I do see it as further evidence that the market has found a floor. My guess is the market will stay near this floor for the time being.

]]>Property buyers return to Spainhttp://www.properties247.co.uk/property-buyers-return-to-spain/
Thu, 25 Oct 2012 17:48:49 +0000http://properties247.co.uk/?p=11531BRITONS are taking increasing advantage of a strong pound and rock-bottom property prices to buy second homes in Spain. The trend for so-called ‘schadenfreude shopping’, where buyers cash in on other’s misfortune, is being fuelled by property discounts of upaaa

]]>BRITONS are taking increasing advantage of a strong pound and rock-bottom property prices to buy second homes in Spain.

The trend for so-called ‘schadenfreude shopping’, where buyers cash in on other’s misfortune, is being fuelled by property discounts of up to 70%.

The pound is now 25% more valuable against the euro than three years ago, when exchange rates were almost on parity.
This, added to the fact there are around a million unsold homes in Spain to ensure supply far outweighs demand, make it an ideal time to buy in Spain.

“Spain is the main bargain area in Europe, the Costa del Sol in particular,” said Charles Weston Baker, head of Savills International.

“Greece and Italy offer some good opportunities, but not nearly as many properties are available because resorts were not as overbuilt so extensively.

“Spain has seen dramatic price falls, not least because banks need to shift distressed stock.
“Consequently, they are offering high loan-to-value mortgages on properties that are discounted by some 70% compared to their 2008 peak.”

He added: “This represents a great opportunity for buyers, who can borrow up to 90% of the purchase price and achieve very substantial returns.”

]]>Spanish Government Looks to Foreign Property Buyershttp://www.properties247.co.uk/spanish-government-looks-to-foreign-property-buyers/
Sat, 20 Oct 2012 16:07:52 +0000http://properties247.co.uk/?p=11519The ‘surplus’ of unsold new housing in Spain is around 680,000 properties and, according to current estimates by the government, up to 300,000 of these are suitable for holiday accommodation. These properties are largely located in the Mediterranean and inaaa

]]>The ‘surplus’ of unsold new housing in Spain is around 680,000 properties and, according to current estimates by the government, up to 300,000 of these are suitable for holiday accommodation.

These properties are largely located in the Mediterranean and in the islands and located in areas that make them particularly suitable for use as a holiday home and tourism.

The government stated that the demand by foreigners is critical for the recovery and stimulation of the real estate sector. They also recognised that improving the legal and fiscal framework are important for the recovery, promising a commitment to enhance the brand image of Spain to buyers outside of Spain.

To this effect, the government recently approved a draft modification to the Coastal Act, which will resolve expiring concessions under the previous act from 1988.
The draft gives an extension of 75 years for housing near the coast, about 2,000 of which would have required demolition in 2018. With this bill, the government intends to remove any ambiguity and provide confidence to foreign investors.

In addition, the Institute for Foreign Trade (ICEX) is persevering with promotional plans aimed at selling property to foreign investors, including participation at trade fairs and business events in a number of foreign countries.

The general approach is to develop a set of commercial, informational and ‘business to business’ tactics that increases potential interest and awareness of the Spanish real estate supply, particularly for new property – the priority markets are the UK, Germany and Russia.

]]>Property Sales Rise for First Time in 17 Monthshttp://www.properties247.co.uk/property-sales-rise-for-first-time-in-17-months/
Mon, 08 Oct 2012 14:48:16 +0000http://properties247.co.uk/?p=11508After 17 months of decline, the number of property sales in Spain experienced a year on year increase in August. Official statistics report 27,708 transactions, 3% more than in August 2011. Sales in August constitute the first figures since theaaa

]]>After 17 months of decline, the number of property sales in Spain experienced a year on year increase in August. Official statistics report 27,708 transactions, 3% more than in August 2011.

Sales in August constitute the first figures since the government announced changes to tax benefits for home purchases that will begin in January 2013. The removal of tax relief appears to have encouraged some buyers to take advantage of the current legislation.

Specifically, Mariano Rajoy’s government announced in July that, as of 2013, those who buy a home will be unable to deduct income tax benefit. Also ending are favourable tax rates for new house purchases, which will increase from 4% to 10%.

For resales, the transfer tax (ITP) with a tax of around 8% is also rising in several regions to 10% in 2013.

The data released by the INE reveals large regional differences for example in Castilla-La Mancha, La Rioja and the Balearic Islands, home purchases have increased by nearly 30%, while in Navarra and the Basque Country there were similar variations but entirely opposite, dropping by up to 30%.

The Nordic countries, with 4.8% of the total, accounted for a significant portion of the total spending growth throughout the country, with Valencia, the Balearic Islands and Andalusia the regions which benefitted most.

Of the remaining markets, Russia again stood out for the month, with a 25% increase in tourist spending.

]]>International Tourists Spending up 6.2% Year-on-Yearhttp://www.properties247.co.uk/international-tourists-spending-up-6-2-year-on-year/
Mon, 08 Oct 2012 14:41:59 +0000http://properties247.co.uk/?p=11502International tourists spent 38,863 million euros between January and August 2012, representing an increase of 6.2% year-on-year. Average spending figures also show increases in the period, of 2.5% in the average expenditure per tourist, and of 7% in average dailyaaa

]]>International tourists spent 38,863 million euros between January and August 2012, representing an increase of 6.2% year-on-year.

Average spending figures also show increases in the period, of 2.5% in the average expenditure per tourist, and of 7% in average daily spending, according to the Tourism Expenditure Survey (EGATUR), compiled by the Ministry of Industry, Energy and Tourism’s Institute of Tourism Studies.

In August, the international tourists who visited Spain spent a total of 7,704 million euros, 5.7% more than in August 2011. This increase was due to both an increase in the number of tourists, 5%, and the average spend per visitor, which rose 0.6%, and marked eleven consecutive months of increases. Meanwhile, the average length of stay decreased.

The United Kingdom, France, the Nordic countries and Russia were the markets that contributed most to the increases recorded in August, and the Balearic Islands, Catalonia, the Canary Islands, Andalusia and Valencia were the regions which received most of these visitors.

The United Kingdom, the first source market for spending in August, was also one of the markets which contributed most to the overall growth of the month, with total spending of 1,766 million euros. The increase was a result of the average expenditure per person registered, which increased by 9.2%, as the number of tourists showed more moderate growth (5%). The Balearic Islands cornered one out of every three euros spent and was the destination which experienced most growth.

As in the past two years, the French market exceeded the German market in August, increasing by 2.9% to 1,062 million euros, and accounted for 13.8% of the revenue for this month.

The German market fell by 1.5%, breaking three consecutive months of increases, due to the decrease in tourists (-4.3%), mostly in the Balearic Islands.

]]>Spains CaixaBank Stands firm this is good NEWs for property Buyershttp://www.properties247.co.uk/spains-caixabank-stands-firm-this-is-good-news-for-property-buyers/
Thu, 04 Oct 2012 13:13:06 +0000http://properties247.co.uk/?p=10829Leading Spanish banking group, la Caixa Group, has comfortably passed the financial stress tests ordered by the Government and the bank’s international property partner has welcomed the results as “great news for buyers.” The tests, conducted by Oliver Wyman, anaaa

]]>Leading Spanish banking group, la Caixa Group, has comfortably passed the financial stress tests ordered by the Government and the bank’s international property partner has welcomed the results as “great news for buyers.”

The tests, conducted by Oliver Wyman, an independent consultancy firm, under the supervision of Spanish authorities, the European Commission, the European Central Bank, the European Banking Authority and the International Monetary Fund showed la Caixa’s surplus in the adverse scenario would stand at 5.72bn euro, with a Tier 1 capital ratio of 9.5%, 3.5% higher than the minimum of 6%.

The bank is a property and lending partner of Mortgage Solutions, whose buyers are offered big discounts on Costa homes and low cost mortgages from la Caixa and other leading Spanish banks.

]]>Tax-free buy to let deals in Spain – officialhttp://www.properties247.co.uk/tax-free-buy-to-let-deals-in-spain-official/
Mon, 01 Oct 2012 13:12:02 +0000http://properties247.co.uk/?p=10827The Spanish government is going all out to boost inward property investment by encouraging buy to let landlords to purchase properties in the country and help bolster the failing economy and increase home ownership among locals. Ministers want to relaxaaa

]]>The Spanish government is going all out to boost inward property investment by encouraging buy to let landlords to purchase properties in the country and help bolster the failing economy and increase home ownership among locals.

Ministers want to relax the rental laws which are considered out-dated and skewed towards tenants. They will give 60% to 100% tax relief to landlords on rental income where they have Spanish tenants under 30 years-old and who are working.

Peak to present house prices have plummeted by an average of 44 per cent as Spain’s struggling banks have been selling off repossessions and key ready bargains from troubled developers. This has attracted a growing number of bargain hunters from across Europe and the Middle East, many of whom have been involved in multiple purchases through specialist Property in Spain brokers.

Spanish property analyst, Ben Walker said: “These new moves seem likely to attract big-time investors with millions of Euros to pour into Spanish real estate and I know of one consortium with $US 80 million and a growing shopping list. Earlier wholesale deals have foundered because of unrealistic pricing on some bank-owned properties, but I expect with these new incentives, the autumn sales season will see the first of these Super Deals go through.

“I know of whole blocks with 3-bed apartments that can be snapped up at less than EUR 40,000 a unit, which suggests strong prospects for a worthwhile investment return.”

The improvement in Spain’s buy-to-let market and plunging house prices could present a good opportunity for Britons, Germans and Scandinavians to buy for investment in areas they are familiar with after years of holiday visits.

Spain’s Ministry of Development data shows foreigners bought 12 per cent more properties in the second quarter of this year compared to the same period in 2011. Costa Blanca was the top buying destination followed by Costa del Sol and Catalonia.

The fall in property prices was the main driving force behind the increase in sales so Spain still ranks top of the list for property buyers.

]]>Málaga Province on Orange Alert for rain todayhttp://www.properties247.co.uk/malaga-province-on-orange-alert-for-rain-today/
Fri, 28 Sep 2012 09:26:54 +0000http://properties247.co.uk/?p=10757There could be as much rain as 80 litres per square metre in an hour. Málaga province is on an Orange weather alert today. Rainfall could be as much as 60 litres per square metre in an hour, while inaaa

]]>There could be as much rain as 80 litres per square metre in an hour.

Málaga province is on an Orange weather alert today. Rainfall could be as much as 60 litres per square metre in an hour, while in Ronda and Antequera that could rise to 80 litres per square metre an hour.
In the Axarquía, the Costa del Sol and the Guadalhorce Valley rainfall of 60 litres per square metre per hour is forecast.
The same Orange Alert extends into Granada province until 3pm.
The State Meteorological Agency, AEMET, has said that Málaga can expect strong winds and storms.

Yesterday Pujerra and Los Reales were the places with the most rain in the province.

]]>New Mortgage Completions continue to fallhttp://www.properties247.co.uk/new-mortgage-completions-continue-to-fall/
Wed, 26 Sep 2012 09:23:37 +0000http://properties247.co.uk/?p=10752The number of new mortgages contracted on homes in July of this year totalled 24,291, which is a drop of 17.5% compared to the same month of 2011, according to figures released on Friday by the National Statistics Institute. Includingaaa

]]>The number of new mortgages contracted on homes in July of this year totalled 24,291, which is a drop of 17.5% compared to the same month of 2011, according to figures released on Friday by the National Statistics Institute. Including the drop in July, the number of mortgaged homes, have now accumulated 27 consecutive months of declines.

The July decrease was more moderate than that of June, when mortgaged homes were down by 25.2%. In any case, the total number of mortgages on homes in July was the lowest for this month within the entire comparable historical series, which began in 2003, and the third worst figure of the series in any month after April of this year (21,498 mortgaged homes), and October of last year (22,193). In the first seven months of the year, mortgages on homes fell by 35.3% compared to the same period of 2011, with a decrease of 41.3% in borrowed capital and of 9.2% in the average mortgage value.

The average value of a home mortgage in July stood at 98,892 euros, 10.5% less than the same month of 2011, while borrowed capital dropped by 26.2% to 2,402.1 million euros. Month-on-month (July over June), mortgages fell by 0.1% compared to the 6.5% decline experienced in June in monthly values. According to data from the statistical agency,during the seventh month of the year 42,089 mortgages were constituted on rustic and urban properties (dwellings are included within the latter), which represents a decrease of 10% compared to July 2011.

The capital of mortgages granted fell by 27.4% to 4,173.4 million euros, while the average value of mortgages constituted recorded in the land registries amounted to 99,157 euros, 19.4% less than in July 2011.

Banks were the institutions that granted the greatest number of mortgages in July, with 74.3% of the total, followed by other financial institutions (15.5%) and savings banks (10.2%). Regarding the capital borrowed, banks granted 71.9% of the total, savings bank awarded 11.1%, and other financial institutions, 17%.

The average interest rate on mortgage loans in July reached 4.27%, 0.2% less than the same month of 2011, while the average interest rate in the case of dwellings was 4.24%, an increase of 1.8%. By institution, the average interest rate in the savings banks was 4.34% and an average term of 22 years, while in the banks it was 4.38%, with an average term of 21 years. 92.1% of the mortgages constituted in July used a variable rate, compared with 7.9% which used a fixed rate, with the Euribor being the reference rate most commonly used, namely in 85.4% of new contracts.

]]>Luxury Liner enters Marbella as cruise liner tourists show an increase of 14% on last year.http://www.properties247.co.uk/luxury-liner-enters-marbella-as-cruise-liner-tourists-show-an-increase-of-14-on-last-year/
Mon, 24 Sep 2012 15:23:30 +0000http://properties247.co.uk/?p=10725The five star liner, MS Europa sailed into Marbella waters this week. Sitting off the the main beaches of the town the liner ·”ferried” passengers back and forward from their five star luxury to the five star town. Coach tripsaaa

]]>The five star liner, MS Europa sailed into Marbella waters this week. Sitting off the the main beaches of the town the liner ·”ferried” passengers back and forward from their five star luxury to the five star town. Coach trips were on hand to take passengers to the various destinations around Marbella, such as Ronda and Granada.

Tourism has continued to grow in Spain and without this Spain would be in serious problems. Locally it is forecast that cruise tourism will create a welcome 100,000 jobs between now and 2020.

This year estimated show that up until summer over 700,000 passengers have cruised into Malaga and in the last ten days Malaga port has welcomed 16 ships and 22,000 passengers.

]]>What is there to do in Marbellahttp://www.properties247.co.uk/what-is-there-to-do-in-marbella/
Thu, 20 Sep 2012 15:18:09 +0000http://properties247.co.uk/?p=10719Marbella is about more than just Beach and Golf, that is for sure! For those of us who spend the majority of our time in Marbella, we know that the variety of life on the Costa del Sol is whataaa

For those of us who spend the majority of our time in Marbella, we know that the variety of life on the Costa del Sol is what keeps us here – year-round! But many a Marbella visitor will come to the area only to lie on the beach that is most directly located to their hotel, the nearest bar and restaurant and perhaps take one or two excursions to the infamous Puerto Banús. Although this is certainly a relaxing way to spend your days in Marbella, there is more to discover.

Tripadvisor.com has its own listing of what Marbella’s top attractions may be. In addition to the classic choices of Beach, Golf and Shopping, Tripadvisor includes items such as Marbella’s Old Town (a collection of historic, winding Andalucian streets that is often overlooked even though it is the heart of true Marbella), Bicycle trails, the Bonsai Museum, true Spanish flamenco and the expansive lakes. We could easily add another 50 items to this current list of 36 Marbella attractions such as the gastronomic delights of the village of Benahavís, the eclectic San Pedro market, the sprawling Parque Paloma in Benalmadena (complete with free-roaming rabbits, ducks and chickens), Safari at Selwo and the cosmopolitan Laguna village with the highly recommended Puro Beach Club. Activities for the more adventurous include stand-up paddle boarding and windsurfing, quad biking and canyoning. And all of these attractions can be enjoyed within only minutes from your apartment or hotel in Marbella.

Whilst many people will tell you that the appeal of owning a Marbella property is the opportunity to enjoy warm, sunny weather 320 days of the year (and, of course, this is true), the real Marbella resident also knows that the true luxury of a home or a holiday in Marbella is the variety of experiences available. Not many places in the world cater for the young, old and families alike and whilst, of course, extreme decadence is always on your doorstep, there is also an abundance of fun and beauty that incurs no cost.

The Crest Group International has been based in Marbella for nearly 20 years. We pride ourselves on an expertise in Marbella property that can only come from living, working and loving all that Marbella has had to offer over two decades.

]]>Spain gambles on casino for rescuehttp://www.properties247.co.uk/spain-gambles-on-casino-for-rescue/
Fri, 14 Sep 2012 15:09:32 +0000http://properties247.co.uk/?p=10716Madrid has been chosen as the site of a proposed EUR 14 billion EuroVegas gambling city by an international gambling organisation, but already the country is hedging its bets. Government and regional ministers want the 200,000 jobs expected from sixaaa

]]>Madrid has been chosen as the site of a proposed EUR 14 billion EuroVegas gambling city by an international gambling organisation, but already the country is hedging its bets.

Government and regional ministers want the 200,000 jobs expected from six casinos and 12 hotels and the 1,000s of extra tourists that might be attracted from all over Europe. They hope the project will help with Spain’s long-term economic recovery.

But activists plan to fight the plans, claiming EuroVegas would be a bad bet for Madrid and the Spanish economy, especially as the Las Vegas Sands Corp needs to raise two thirds of the investment cash from other sources and the Spanish Government would need to spend another EUR 1 billion on transport links and other infrastructure.

“We’d be mortgaging our country if we allow this casino to be built,” said Ana Revuelta, a leader of the No EuroVegas Platform.

The protest groups point out previous US-backed leisure projects promised for Spain that never materialised, leaving sites and infrastructure to become white elephants and that Disney Group have been considering a theme park for the western end of the Costa del Sol for five years without progress.

Civic groups and politicians say the bottom line for Spain isn’t worth the project’s potential downsides. They claim it would bring increased money-laundering and prostitution—an assertion Sands rejects—and an unwelcome easing of restrictions on smoking in public spaces.

There are also concerns that tax exemptions that Sands is seeking would offset economic gains and that most of the jobs created would be low-paying. Any such exemptions would require legislative approval.

Madrid’s regional government has denied public funds would be spent on the venture.

]]>Small increase in expat residents buying homes in Spainhttp://www.properties247.co.uk/small-increase-in-expat-residents-buying-homes-in-spain/
Wed, 12 Sep 2012 15:03:33 +0000http://properties247.co.uk/?p=10712It appears an in increasing number of expats living in Spain are taking advantage of low property prices, judging by the latest figures from the Housing Department, in the Ministry of Public Works (Fomento). The number of house sales toaaa

]]>It appears an in increasing number of expats living in Spain are taking advantage of low property prices, judging by the latest figures from the Housing Department, in the Ministry of Public Works (Fomento).

The number of house sales to foreign residents increased by an annualised 12pc to 9,502 in Q2, lead by a 25pc increase in Catalonia. The Valencian Region, with its Costa Blanca, was once again the biggest market by some margin.

However, the trend is only positive compared to the years since the crisis began. If you look back to 2006, expat purchases are down 68pc on average, and as much as 72pc in Catalonia. But at least expats are doing more than Spaniards themselves to buy Spanish property: Purchases by Spaniards are still declining.

Nevertheless, it’s is good news to see that more expat residents are buying property, and it is a relief to be able to report it.

Note that expat residents include economic migrants, and these numbers don’t distinguish between them and what I call climate migrants from northern Europe. But it’s a fairly safe bet that the vast majority of expat residents buying in the popular holiday-destinations of the Spanish coast (Andalusia, Valencian Region, Catalonia, Balearics and Canaries) are in the latter group.

]]>Spain’s Bad Bank will boost sales of good propertyhttp://www.properties247.co.uk/spain%e2%80%99s-bad-bank-will-boost-sales-of-good-property/
Mon, 10 Sep 2012 15:01:32 +0000http://properties247.co.uk/?p=10709Spain’s newly confirmed Bad Bank is likely to have a pass level for bank-owned toxic property of 56% below valuation – a further 11% reduction from current national average peak to present discounts. The Spanish Government created the so-called Badaaa

]]>Spain’s newly confirmed Bad Bank is likely to have a pass level for bank-owned toxic property of 56% below valuation – a further 11% reduction from current national average peak to present discounts.

The Spanish Government created the so-called Bad Bank to take over tens of billions of Euros in defaulted loans and unsaleable property and to accelerate the clean-up of the banking sector, said Economy Minister, Luis de Guindos today.

More than half of the newly created and merged banking groups are likely to dump the worst performing repossessions and worst located developments into the Bad Bank to be managed by their regulator, the Bank of Spain.

Spain overhauled its banks for the fifth time in three years to secure up to 100 billion Euros in European aid for lenders burdened by bad loans from a property market crash that started in 2008 as residential prices reached all-time peak.

Minister Luis de Guindos said: “The prices of these assets banks transfer to the bad bank must ensure that no further losses are generated during its lifetime, something that is very important to minimize the impact on taxpayers.”

Ireland’s Bad Bank took in properties at least 56% below valuation and real estate pundits estimate the same discount would work equally well for Spain.

With 100,000-plus unwanted Spanish apartments removed from the market and the banks’ books in the November 2012 to March 2012 period, those remaining are more likely to find buyers among the growing number of interested international buyers, attracted by discounts averaging 44% – and now by the confirmation that they are being offered bargains in good locations.

“The Bad Bank will help to further stabilise the Spanish real estate sector by allowing vendor banks to concentrate on providing their best properties and attached mortgages to international buyers seeking bargains along their favourite Costas.
An extra 11% discount that would qualify property for the acceptance by the Bad Bank was only a reflection of their poor quality, inferior location and unsuitability for the new marketplace – “the best properties sell first and it could be 10-15 years before any real interest is shown in the Bad Bank portfolio.”

]]>Brits missing out on Spanish property Best Dealshttp://www.properties247.co.uk/brits-missing-out-on-spanish-property-best-deals/
Mon, 03 Sep 2012 15:00:01 +0000http://properties247.co.uk/?p=10706Bargain-hunting are jumping onto the Spanish property ladder as house prices continue to fall and the pound reaches a 4-year high against the embattled Euro. The Spanish market has reached a low point, so buyers are using it as anaaa

]]>Bargain-hunting are jumping onto the Spanish property ladder as house prices continue to fall and the pound reaches a 4-year high against the embattled Euro.

The Spanish market has reached a low point, so buyers are using it as an opportunity to shop for a bargain.

The strengthening of the pound against the euro and historically low interest rates are making holiday homes attractively affordable to British buyers.

The bargain hunting British are missing out on the best deals as they wait for prices to fall further, while Dutch, German and Scandinavian buyers pick off the best deals.

Of 70 recorded sales on one Spanish bank-owned development only 12.5% went to British buyers. Non Brit buyers used Google Earth to select their property and browse the neighbourhood amenities, while others used mobile phones and tablets to alert friends and family to the best units and agree the purchase.

]]>Spain’s house prices back to pre-boom levelshttp://www.properties247.co.uk/spains-house-prices-back-to-pre-boom-levels/
Sat, 25 Aug 2012 14:43:49 +0000http://properties247.co.uk/?p=10700House prices in Spain are back to their 2004 levels as troubled Spanish banks are forced into heavy discounts to clear their balance sheets of unwanted property assets acquired from defaulting developers and hard-pressed owners. During the decade to 2008,aaa

]]>House prices in Spain are back to their 2004 levels as troubled Spanish banks are forced into heavy discounts to clear their balance sheets of unwanted property assets acquired from defaulting developers and hard-pressed owners.

During the decade to 2008, an easy credit boom sent prices of villas and apartments soaring in popular Costas where buyers were often able to sell-on their off-plan options for a profit. Everyone expected the boom to last forever…

From 2004 to 2008 alone, prices soared by 44%, despite the government’s firm grip on borrowing and spending. Speculators and buyers from Spain and around the world piled in and took out generous mortgages on offer from the banks to fuel multiple purchases.

It ground to a halt in the first quarter of 2008 as the property bubble burst and the Spanish economy plunged into a spiralling recession, leading to this week’s EU bail-out of the country’s battered banks.

Last month the Spanish Government confirmed an average price drop of 44% from peak 2008 to present after releasing much lower and confusing figures in previous years. That effectively cancelled out the boom years’ increases, returning prices to their 2004 levels.

Bank property specialists, PropertyinSpain.Net, who have been claiming for six months price discounts were averaging 43%, accepted the revised figure from the Spanish Housing Ministry and the new methodology of showing the price decline on a peak to present basis instead of previous “confusing” month on month or year on year comparisons.

A leading Spanish bank property chief said: “Prices in the boom years came from market demand and easy credit and we may now be back at the beginning of a price recovery, especially as we and other banks are still willing to provide mortgages even more generous than those of the boom years.”

With today’s realistic prices and 100% mortgage offers are generating bargain hunters and buy to let investors who seem happy with yields around 5.5% as the tourism market remains strong.

]]>Investors grab Spanish bank property bargainshttp://www.properties247.co.uk/investors-grab-spanish-bank-property-bargains/
Sat, 25 Aug 2012 14:39:24 +0000http://properties247.co.uk/?p=10695New urban-planning laws being drafted by regional Government of the Balearics envisage getting rid of the Licence of First Occupation, meaning less red tape for developers and their clients. Many foreigners buying property in Spain have come unstuck over theaaa

]]>New urban-planning laws being drafted by regional Government of the Balearics envisage getting rid of the Licence of First Occupation, meaning less red tape for developers and their clients. Many foreigners buying property in Spain have come unstuck over the years with the Licence of First Occupation (LFO), known in Spanish as the Licencia de Primera Ocupación (or in the case of refurbished homes the Habitation Certificate – Cédula de Habitabilidad). An LFO / Cédula is needed to get the utilities connected, but can only be obtained if the property complies with all the planning regulations. Many new homes built during the boom failed to get an LFO due to planning infractions. The draft law gets rid of the LFO, which could save buyers time and anything between 1,000 and 5,000 Euros. Proof that the end of building works document has been submitted by the architect and accepted by the town hall will be enough to legally occupy a new home and get the utilities connected, if the draft becomes law. Many aspects of urban planning laws are controlled by the autonomous regions, so if this change becomes law in the Balearics it won’t affect other regions, where LFOs will still be required.

]]>Spanish bank property bargainshttp://www.properties247.co.uk/spanish-bank-property-bargains/
Thu, 23 Aug 2012 14:42:26 +0000http://properties247.co.uk/?p=10698Spain may be in the headlines over its struggling banks and the Euro crisis, but property sales appear to be growing as buy to let investors confirm big discounts and 100% mortgage offers on a wide range of Costa apartmentsaaa

]]>Spain may be in the headlines over its struggling banks and the Euro crisis, but property sales appear to be growing as buy to let investors confirm big discounts and 100% mortgage offers on a wide range of Costa apartments and villas.

With prices in some areas an average of 44% down from their peak 2007 level and the turning point for the country’s decade property boom, a new influx of buyers from Scandinavia and Northern Europe are seizing the opportunity to grab bank-owned bargains and the generous mortgages that go with them.

They realise Spain may be in the dumps financially, but the tourists just keep on coming and more of them are renting apartments and villas in seaside and golf resorts. Recent buy to let investors have seen yields in excess of 5.5% in Costa del Sol and upcoming Costa Calida.

The best deals are key ready villas and apartments, some with sea or golf views, which come with mortgages ranging from 90% to 110% loan to value. These and hundreds more Spanish bank offers are available on specialist broker site, PropertyInSpain.Net

There are key ready 3-bed detached golf-side villas with private swimming pool at prices from EUR 263,000 with mortgages of up to 110% subject to status at the completed El Valle Golf Resort, now owned by a several banks who funded developer Polaris World and swopped equity for outstanding loans. Prices are around 50% lower than original price list.

Further south in Costa Almeria is sea view Vera Playa where there are 2-bed pueblo-style apartments with 90% mortgage and 50% discounts and prices from EUR 74,000. They are snapped up by bargain hunters from rain belt Europe keen to enjoy the Spanish sunshine and nearby mountain and desert landscape.

Sales manager of PropertyInSpain.Net, Ben Walker said: “Costa Calida is the current hotspot for bank bargains and Ibiza is a big attraction because of a new realism in prices from developers and private owners. Whatever happens to the Euro is not going to affect the real estate market in the long-term and most of our registered buyers fully realise this.”

]]>Spains best week signals property recoveryhttp://www.properties247.co.uk/spains-best-week-signals-property-recovery/
Wed, 15 Aug 2012 14:16:38 +0000http://properties247.co.uk/?p=10683It’s been another good week out of the 200 bad weeks of the recessional mayhem as events combined to lift the spirits, optimism and spending power of the nation First their footballers’ virtuoso victory at Euro 2012 had the populaceaaa

]]>It’s been another good week out of the 200 bad weeks of the recessional mayhem as events combined to lift the spirits, optimism and spending power of the nation

First their footballers’ virtuoso victory at Euro 2012 had the populace dancing in the streets and thinking there was, after all, a better life to follow record job losses and cash shortages.

Then the latest Consumer Confidence Indicator (CCI) prepared by the Centre for Sociological Research (CIS), showed the percentage of Spanish people who are planning to buy a home in the next year, has risen more than one point from May.

Finally, the European Central Bank reduced the interest base rate by 0.25%, saving the average Spanish family more than EUR 700 in annual mortgage repayments. Last year, the ECB approved two rate increases – in April and in July – and two reductions – in November and December – to fix the rate at 1%, before this week’s cut brought it down to 0.75%. In April 2011 it was 1.75%.

Because the domestic property market was so weak, the Spanish Government has been encouraging international buyers to snap-up the 1,000s of bank-owned and key ready bargains, with incentives like 50% cuts in VAT and Capital Gains Tax. Now ministers are hoping the increased confidence and interest rate cut will result in more purchases from Spanish nationals.

Boosted by Spain’s EUR 100 million loan success at the Eurozone summit, Spanish Prime Minister, Mariano Rajoy told a conference of his ruling PP Party that Spain will now “step on the accelerator” as he announced new and ambitious structural reforms which will be “a milestone in the modernisation of our country”.

High on the agenda is the stuttering property sector, for a booming decade the main economic driver and currently bouncing along the bottom awaiting confidence boosters.
Peak to present property prices are down by an average of 44%, interest rate is at its recessional low point, banks are offering generous mortgages to clear their books of unwanted villas and apartments, and the Spanish Government has provided big tax breaks. Pundits expect an increased demand from the domestic and international property buyers and that could be the start of a full-on property recovery.

“The market could be well on the way to recovery within a year after a few more stutters this summer. Investors already realise the prices in Spain are at bargain levels and even lower mortgages could provide the equivalent of at least an extra month’s rental income and boost the yield

]]>Frances triple tax hikes will help Spanish propertyhttp://www.properties247.co.uk/frances-triple-tax-hikes-will-help-spanish-property/
Tue, 07 Aug 2012 14:08:56 +0000http://properties247.co.uk/?p=10671Spain is set to go further ahead in the international property destination league and widened the gap with the country’s top of the table chief rival France International property investors, already returning to put their money in Spain in greateraaa

]]>Spain is set to go further ahead in the international property destination league and widened the gap with the country’s top of the table chief rival France

International property investors, already returning to put their money in Spain in greater numbers, believe France may have shot itself in the foot after newly elected President Francoise Hollande announced that UK citizens and other foreign property buyers will have to pay “significantly more tax” under new plans to boost the troubled French economy.

If the new taxes are introduced, foreign property owners and new buyers face massive new taxes to pay for social change and France’s economic recovery, via a triple tax whammy:

250,000 current owners who sell will have to pay 19% Capital Gains Tax and 15.5% social charge. France total 34.5%. [Spain now 9%.]

If owners rent out their places, rental income will be taxed at 20% and 15.5% social charge added. France total 35.5%. [Spain 20%, when regionally applied.]

New buyers will also get hit with VAT at 19.5% on properties that are new or up to 5 years old. France total 19.5%. [Spain 4% on new and 8% on resales.]

Foreigners who own homes in France are not currently required to pay social charges which go towards state benefits and are paid by French citizens as they are eligible for the hand-outs.

Property pundits are surprised that non-resident holiday home buyers will be paying 15.5% in social charges are they do not receive any benefits. Said French lawyer, Patrick Delas at London law firm, Russell-Cooke: “I am surprised they are applying social charges to non-residents. This means they are being taxed for something they do not receive.”

Earlier this year, an International Wealth Survey for Lloyds Bank found a 12 month 5% increase in wealthy Britons planning to swop living in the rain belt for a place in the sun. Many cited poor weather and high taxation.

The Lloyds Bank survey suggested over 500,000 Brits, each worth at least £250,000 in savings and investments were planning to relocate to Spain, France and other Mediterranean destinations in the next two years “in search of a better, more affordable lifestyle”.

That represented 19% of wealthy UK residents surveyed an increase of 5% from a year ago. Many said they would reconsider if Britain lowered taxes, cut regulatory red tape for businesses and improved healthcare, education and the police.

]]>Spain moves on property markethttp://www.properties247.co.uk/spain-moves-on-property-market/
Wed, 25 Jul 2012 14:07:57 +0000http://properties247.co.uk/?p=10669It’s been another good week in for Spain, as the first EUR 30 billion of EU bailout cash was sent to the country’s troubled banks and the Government was granted an extra year to sort out the fiscal failings Channellingaaa

]]>It’s been another good week in for Spain, as the first EUR 30 billion of EU bailout cash was sent to the country’s troubled banks and the Government was granted an extra year to sort out the fiscal failings

Channelling the loan directly to the banks, is a further boost to Spain because it won’t be counted as “sovereign debt” by the ratings agencies nor add around 10% of GDP to the debt burden, as would have been the case if it had been shunted through the Madrid Government.

There’s now just 11 banks left standing after a 3-year frenzy of consolidation that has seen nearly all the original 45 cajas (savings banks) vanish from the scene.

The country’s three strongest banks, Caixabank, BBVA and Santander, are unlikely to call on the “Rainy Day” refinancing funds from the EU, so the remaining eight banks will get their coffers boosted directly by the EU and can use it to strengthen their balance sheets.

With the pressure off for a year, the Spanish banks can be expected to effect a more efficient disposal of their 1,000s of unwanted housing developments and repossessed homes.

With peak to present prices down an average of 44% already, it is unlikely there can be further cuts, but with the Euribor base interest at its lowest point and Sterling at its strongest level against the Euro for four years, the banks will be targeting the UK and other rainbelt countries in the Eurozone.

Low prices, generous low interest mortgages and plenty of choice is a positive marketing message that applies uniquely to Spain, still the number one holiday and property buying destination. Couple this with the summer’s wet and windy weather, no growth economies in the UK and northern Europe and the present trickle of buy to let investors could become a flood over the next 12 months.

All the Spanish banks are up to their ears in unwanted property, but September is likely to reveal marketing changes to further reduce their holdings and strengthen the balance sheets. The key to sales currently is proving to be the generous mortgages that now cost around EUR 700 a year less after the Euribor rate cut is applied to a typical mortgage funded sale.

]]>British vote for Spain as top destination for summer holidayshttp://www.properties247.co.uk/british-vote-for-spain-as-top-destination-for-summer-holidays/
Wed, 25 Jul 2012 14:06:54 +0000http://properties247.co.uk/?p=10667Families looking to make their holiday money go further this summer should look no further than the much loved destination of Spain according to recent findings from The Post Office Family Holiday report. Currently, British families will have around 11.5%aaa

]]>Families looking to make their holiday money go further this summer should look no further than the much loved destination of Spain according to recent findings from The Post Office Family Holiday report.

Currently, British families will have around 11.5% more spending money this year than last as the pound reaches a 12-month high against the Euro and with Spanish regions such as the Costa del Sol being voted one of the cheapest summer destinations for holiday extras including sun cream, drinks, ice creams and meals out according to the study, there’s every reason to visit Spain this summer.

If this news wasn’t reason enough, families wondering where to take the kids this year now the long summer break has arrived might be interested in hearing that Spain has recently been voted the least stressful destination for parents looking to take their children on holiday. According to Jet2Holidays who conducted the survey, 30% of parents voted Spain as being the least stressful destination.

Meanwhile, if travelling without kids is an option, M&S Money has revealed that the average British adult will be around 25% wealthier if they take an overseas beach holiday than residing in London during the first week of the 2012 Olympic Games with Alicante revealed as the lowest priced destination at £927.

Spain is consistently a popular choice for families due to its affordability and abundance of child-friendly Blue Flag beaches.

As a parent, there’s no need to worry about a long flight and lack of activities to keep the kids entertained. Indeed, Spain was voted the most family friendly country last year (ABTA Consumer Trends survey) and it’s great to see that this accolade continues.

Properties are well positioned, close to beaches and marinas where there’s plenty to do whether that’s for the children or the child inside you.

]]>Investors Buying Property Abroad as Prices Fallhttp://www.properties247.co.uk/investors-buying-property-abroad-as-prices-fall/
Thu, 12 Jul 2012 13:50:56 +0000http://properties247.co.uk/?p=10648According to latest reports, European countries where real estate risk can be easily managed have become hot destinations for property investments. At a DTZ webinar held recently, DTZ’s Associate Director of forecasting Matthew Hall said that while it is trueaaa

]]>According to latest reports, European countries where real estate risk can be easily managed have become hot destinations for property investments. At a DTZ webinar held recently, DTZ’s Associate Director of forecasting Matthew Hall said that while it is true that there is a lot of volatility in the real estate markets in many countries, there are still many opportunities that savvy investors can take advantage of.

Making hay while the sun shines in Spain

Presently, because of Spain’s economic difficulties, the county’s real estate market is witnessing negative sentiments. But foreign investors are making the most of Spain’s low property rates and are lapping up property. Spanish properties have seen a huge surge in interest, since the slump in real estate prices, the biggest since the financial woes started in 2007.

Overseas mortgage specialist Conti has said that there is a 33 percent rise in inquiries about Spanish mortgages, over the last few months compared to previous averages. Claire Nessling, Conti Director has said that the Spanish market had reached a new low. Buyers have naturally taken advantage of this to shop for bargains.

With the Pound Sterling going from strength to strength against the Euro, Britons are leading the pack. The historically low rates are making property purchase in Spain more affordable than ever before.

The downside in real estate prices has not even spared the idyllic Canary and Balearic Islands which include Majorca, Ibiza, Formentera and Menorca. These holiday destinations are very popular with tourists and travellers. Property rates on the islands have fallen by as much as seven percent over the last year. For investors seeking holiday homes, this is very good news.

]]>Top-quality 2-bed, 2-bath homes with A/C, electric shutters, private parking, a large terrace and communal gardens and pool from just €98,000, recently reduced from €128,000.

Valle Romano has dropped their prices to get ahead of the market and keep selling their attractive homes regardless of the economic cycle. They now offer some of the best price-quality on the whole Spanish coast.

“We are not reducing the quality of our service or our installations,” explains Úrsula Villanueva, head of sales at Valle Romano. “We just want to ensure that our prices are in line with what our clients can afford.”

Valle Romano are also bending over backwards to offer great financing terms through their lenders. “You have to provide financing to stimulate sales, so at Valle Romano we do a personalised credit analysis for each client and can offer up to 100pc financing for Spanish residents,” says Villanueva. Non-residentes can get up to 70pc financing*.

Thanks to the market situation there has never been a better time to buy your own dream home at Valle Romano Golf Resort on the Costa del Sol. A home that comes with a golf course, sea views, 24-hour security, ample green areas, and all just 5-minutes from Estepona town centre and the beach. And if you buy now you pay VAT at just 4pc instead of the usual 8pc.

]]>Bank own 47pc of new homes for sale on the Costa del Solhttp://www.properties247.co.uk/bank-own-47pc-of-new-homes-for-sale-on-the-costa-del-sol/
Tue, 03 Jul 2012 14:04:04 +0000http://properties247.co.uk/?p=10663Banks own almost half the stock of new homes for sale on the Costa del Sol, according to a study by property consultants Aguirre Newman. Of the 22,000 newly-built homes for sale on the Costa del Sol (Malaga province), 10,000aaa

]]>Banks own almost half the stock of new homes for sale on the Costa del Sol, according to a study by property consultants Aguirre Newman.

Of the 22,000 newly-built homes for sale on the Costa del Sol (Malaga province), 10,000 are being sold by banks. Effectively, that means banks control the supply side of the market, and determine asking prices more directly than ever.

The study also reveals that 98pc of homes for sale in the region are key in hand, compared to boom years when half the market was off-plan. The off-plan market has almost ceased to exist, with only 2 new developments started last year on the Coast.

The number of homes for sale on the Costa del Sol fell 4pc last year, and asking prices dropped 13pc, says the report.

]]>Four good reasons to buy a new property in Spainhttp://www.properties247.co.uk/four-good-reasons-to-buy-a-new-property-in-spain/
Thu, 28 Jun 2012 13:56:49 +0000http://properties247.co.uk/?p=10656Here are four of them: 50% OFF Capital Gains Tax for property bought between 11th May and 31st December 2012: Was 21%, Now 10.5%. 50% OFF VAT on New Properties purchased before 31st December 2012: Was 8%, Now 4%. £1aaa

]]>Euribor mortgage base rate close to all-time lowhttp://www.properties247.co.uk/euribor-mortgage-base-rate-close-to-all-time-low/
Fri, 15 Jun 2012 13:53:39 +0000http://properties247.co.uk/?p=10653Euribor (12 months), the interest rate most often used to calculate mortgage repayments in Spain, fell to 1.219 in June, just a fraction above the all-time low of 1.215 it reached March 2010. As a result, repayments on a typicalaaa

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Euribor (12 months), the interest rate most often used to calculate mortgage repayments in Spain, fell to 1.219 in June, just a fraction above the all-time low of 1.215 it reached March 2010.

As a result, repayments on a typical 25-year, €150,000-mortgage resetting now will go down by around €790/year

Cheaper mortgage rates only apply to those who already have a mortgage. Those that don’t either can’t get one (unless buying a bank repo) or have to pay much higher rates.

Resale asking prices index down 10pc in June

Vendors dropped their asking prices in June the most since the bust began, according to the resale asking price index from idealista.com, a property portal. Fiscal changes and a bank bailout spell more trouble for private vendors.

This is the first time since the Spanish property boom turned to bust that vendors have dropped their asking prices by double digits, and the trend looks set to continue.

Fiscal changes and European bailout spell more pain for vendors

Private vendors might feel they are already digging deep, but they might end up the biggest losers from the European bailout for Spain’s banks.

The bailout means that banks can afford to drop their prices (and will also be forced to) whilst offering better mortgage conditions to people who buy one of their repossessed properties.

As banks control the property market, private vendors in Spain will have no choice but to follow suit, and swallow the resulting losses.

Spanish bank losses, on the other hand, will be paid for by German taxpayers.

In return for a European bank bailout, Spain is also under pressure to eliminate tax breaks for home buyers. If the changes being discussed do go through (for example, eliminating mortgage tax relief) buyers will have less money to spend on housing, forcing vendors to drop their prices even further.

]]>Paramount Theme Park newshttp://www.properties247.co.uk/paramount-theme-park-news/
Mon, 04 Jun 2012 12:14:10 +0000http://properties247.co.uk/?p=7698PREMURSA has finally rejected the purchase of the rest of the land as it does not meet the necessary requirements. This fact will not affect the deadlines established for the construction of the project. The first stone will be laidaaa

]]>PREMURSA has finally rejected the purchase of the rest of the land as it does not meet the necessary requirements. This fact will not affect the deadlines established for the construction of the project.

The first stone will be laid on 31 May 2012.

Proyectos Emblematicos Murcianos S.A. (PREMURSA) has started to define the final plans for the Paramount Park and LifeStyle Center in Alhama de Murcia, which will be completed in the next few weeks.

These plans will be adapted to the 1,031,077 m^2 of land purchased on March 7. PREMURSA has finally rejected the purchase of the rest of the land as this still fails to meet the necessary requirements demanded by Proyectos Emblematicos Murcianos.

However, this fact will not only have no affect on the construction of the park or the established deadlines but, thanks to the redefinition and adaptation of the new plans, will lead to the optimization of both the space acquired and of construction costs.

Thus, the technical team of PREMURSA is working on plans that will integrate the Paramount Park (which maintains the original dimensions) in the LifeStyle Center itself; which will be resized but will maintain the same facilities and leisure areas specified in the original project.

Thanks to the integration of the park and the LifeStyle Center visitors will be able to enjoy the two spaces in a much more convenient, simple and fast way and, at the same time, many synergies can be created between the two areas.

In this way, the project gains not only in profitability, but also in operation and efficiency.

Once the design of the plans is completed, the laying of the foundation stone will take place, in an official event to be held on 31 May in Alhama de Murcia. It will be the starting gun for a film project.

]]>Now is a good time to buy a retirement home in the sunhttp://www.properties247.co.uk/now-is-a-good-time-to-buy-a-retirement-home-in-the-sun/
Wed, 30 May 2012 13:31:12 +0000http://properties247.co.uk/?p=7498A stronger pound and heavily discounted property prices make the current economic climate ideal for British people looking to buy a home in the euro-zone, particularly for those looking to retire to countries like Spain and France, Healthcare is aaaa

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A stronger pound and heavily discounted property prices make the current economic climate ideal for British people looking to buy a home in the euro-zone, particularly for those looking to retire to countries like Spain and France,

Healthcare is a major consideration for British retirees, wherever they are. Both France and Spain have excellent healthcare systems, and when you combine this with each country’s accessibility to the UK, affordable property and healthy lifestyle, it’s little wonder they remain very popular with British retirees.

While younger people across the UK and Europe are battling against the effects of unemployment, austerity measures and the difficulties of getting their foot on the housing ladder, expat retirees are relatively immune to the effects of the current economic problems. In fact, those that emigrated to the euro-zone in the last three years and who draw a UK pension will be celebrating the fact that their monthly income in euros will have increased thanks to the recent strengthening of the pound.

The exchange rate also benefits retirees in the process of moving abroad, as their pounds will go further today than a year or two ago, meaning they get more for their money. Further to that, most retirees are cash buyers, thanks to having a property in the UK to sell.

When retiring abroad you also need to understand the buying process in the country in which you are buying, any residency rules, how to get your pension paid and how to secure the very best exchange rate. There is a myriad of things to consider – but do not despair – help is at hand!

Properties247 has guides on how to make the best of your money while living abroad.

]]>Spainish government further reduces capital gains taxhttp://www.properties247.co.uk/spainish-government-further-reduces-capital-gains-tax/
Tue, 29 May 2012 13:20:04 +0000http://properties247.co.uk/?p=7495The Spanish government has announced a further 50% reduction in capital gains tax on second homes purchased this year, in a bid to boost property sales and help reduce some of the country’s huge housing stock. Ana Pastor, head ofaaa

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The Spanish government has announced a further 50% reduction in capital gains tax on second homes purchased this year, in a bid to boost property sales and help reduce some of the country’s huge housing stock.

Ana Pastor, head of the Public Works Ministry, which includes the Spanish housing department, has announced that anyone who purchases a second home or investment property in Spain between now and the end of the year will benefit from the capital gains cut when selling the property in the future.
The tax break, which is aimed at property investors and holiday home buyers, will apply to both individuals and companies. However, it will not apply on property transactions between parents and their children.
This is the latest in a long line of measures introduced by the government designed to stimulate sales of second homes in Spain.

]]>Spanish Government to Increase Tax Relief on House Reformshttp://www.properties247.co.uk/spanish-government-to-increase-tax-relief-on-house-reforms/
Fri, 25 May 2012 15:53:15 +0000http://properties247.co.uk/?p=7394The Spanish Government has taken a step forward and intensified its efforts to offer incentives to those who wish to renovate their homes. In a bold move, the Government Executive announced that tax relief for restorations is to be doubled,aaa

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The Spanish Government has taken a step forward and intensified its efforts to offer incentives to those who wish to renovate their homes.

In a bold move, the Government Executive announced that tax relief for restorations is to be doubled, from 10% to 20% of the cost of the work.Further relief is to be extended to second homes, whether rented or not, in a bid to encourage this activity, create jobs and lift the flagging construction sector in Spain.
Spain’s Finance Minister, Elena Salgado, has estimated that this effort could create up to 350,000 jobs. Applications for permits for the renovation or restoration of residential Spanish homes reached 32,613 last year, representing an increase of 2% over 2009, according to data collected by the Ministry of Development.
New Tax Incentives
The rebates increase from a maximum of 10% to 20% and include second homes, even if the landlord has to rent, provided it is not intended for commercial or economic activity.
Taxpayers with incomes of up to 53,007.20 Euros may benefit from the maximum deduction (before, the full deduction was on a threshold of 33,007 euro’s). Those with higher incomes, up to 71,007.20 (the new ceiling), will be entitled to progressively reduced rebates. This excludes only 2.7% of taxpayers.
The top annual deduction base is to be expanded from 4,000 euro’s to 6,750 euro’s, with the maximum relief for the taxpayer to reach 1,350 euro’s (20% of 6,750 euro’s). The deadline remains at 12 December 2012.
These measures are expected to be announced in the Cabinet on 29 April, explained Alfredo Perez Rubalcaba, Vice President of the Government Executive, as they are included in a new employment decree to be adopted by the Government.

]]>2012 Will Be Last of Crisis for Spain, Says García-Legazhttp://www.properties247.co.uk/2012-will-be-last-of-crisis-for-spain-says-garcia-legaz/
Thu, 24 May 2012 15:41:00 +0000http://properties247.co.uk/?p=7386The Spanish Secretary of State for Trade, Jaime García-Legaz, said yesterday that there is “light at the end of the tunnel” and that 2012 will be the last year of crisis in Spain. He also said that if the Governmentaaa

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The Spanish Secretary of State for Trade, Jaime García-Legaz, said yesterday that there is “light at the end of the tunnel”

and that 2012 will be the last year of crisis in Spain. He also said that if the Government raises VAT then, at the same time, it will lower social security contributions as compensation.

García-Legaz stressed that it is not only the Government saying this, but also the big Spanish companies, who point to a GDP growth in 2013, and the International Monetary Fund, which predicts that Spain will leave the crisis in the next year. “Doing what we are doing, we will come out of it,” he stressed.

García-Legaz went on to say that, as announced by the Government, adjustments in government spending “will have to follow” and that they will have to “persevere” with them in order to meet Spain’s commitments with Brussels on cutting the deficit. “If we do not comply, we will lose the confidence of international investors. It is therefore essential to continue with the adjustment of public spending,” he stressed.

With reference to the debate on austerity and growth, the Secretary of State for Trade emphasised that “at this point” it should be understood that spending more does not bring more economic growth. Thus he made it clear that growth “will not come from expenditure, but from the structural reforms” that the Government is undertaking.

VAT Hike

El Economista reported that García-Legaz also referred to the possibility that the Government will raise VAT, and said that the Ministry of Finance is analysing the data and “will decide” when it is deemed appropriate.

In any case, the Secretary of State for Trade stated that in the event of a decision to raise VAT, social security contributions will be rolled back simultaneously as compensation, a measure which, he pointed out, the business sector has been demanding for a while.

“This is what is called fiscal devaluation. If we lower the contributions and they are offset by the VAT, the cost of goods will lower. It is a gain in competitiveness for our products and without a doubt that is something that we need”, he stated.

Finally, when asked if tolls on motorways are to be implemented, García-Legaz indicated that the decision on this is to be taken by the Ministry of Development, but he pointed out that maintaining these roads is very expensive and that here it has to be decided whether the maintenance should be paid by all citizens through their taxes or only by those using the highways.

]]>Spanish Recovery in 2013?http://www.properties247.co.uk/7376/
Thu, 03 May 2012 15:16:06 +0000http://properties247.co.uk/?p=7376According to the seventeenth edition of the Real Estate Pulsometer prepared by the Corporate Practice Institute (IPE), they are optimistic that the ‘stock’ of unsold homes in Spain will be reduced by 23.6% in 2012, by up to 611,250 homes,aaa

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According to the seventeenth edition of the Real Estate Pulsometer prepared by the Corporate Practice Institute (IPE), they are optimistic that the ‘stock’ of unsold homes in Spain will be reduced by 23.6% in 2012,

by up to 611,250 homes, and they anticipate that new construction activity will begin to recover in 2013.
On the demand side, the report notes a growing trend of home sales for cash, and in 2012 they expect to sign only a third of the number of mortgages that were contracted in 2006. In parallel, they anticipate promoting some 100,000 homes annually over this year and next.
El Mundo reported that the key to the rapid absorption of the ‘stock’ and the sector’s recovery will be due to the demand for housing by non-residents.
Restoring confidence
“To liquidate the ‘stock’ in the shortest time possible it is crucial and strategic to restore the confidence and legal security, in commercial and urban development’s with the European markets, especially the English, German and Scandinavian, providing the greatest possible transparency in public-private collaboration,” added the report.
In any event, the report stresses that construction activity has been reduced to 20% of that achieved in 2007.

]]>A crisis in Spain, But good for foreigners who want to buyhttp://www.properties247.co.uk/a-crisis-in-spain-but-good-for-foreigners-who-want-to-buy/
Wed, 18 Apr 2012 14:50:49 +0000http://properties247.co.uk/?p=7364That is the way at least 9,200 foreigners who bought holiday homes on the Costa Blanca last year see it. Buyers were led by Russians, Britons and Norwegians, who made up 80pc of the market. This is a sign theaaa

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That is the way at least 9,200 foreigners who bought holiday homes on the Costa Blanca last year see it.

Buyers were led by Russians, Britons and Norwegians, who made up 80pc of the market. This is a sign the foreign market is starting to recover, albeit slowly.

José Vicente Dómine, Director General of Public Works for the Generalitat (Valencian regional government), was quick to point out that more foreigners bought homes on the Costa Blanca last year that in Madrid and Andalusia combined, and almost as much as Catalonia, the Balearics, and Murcia combined.

]]>Gazipasa Airline welcomes its first International passengershttp://www.properties247.co.uk/gazipasa-airline-welcomes-its-first-international-passengers/
Wed, 04 Apr 2012 11:08:50 +0000http://properties247.co.uk/?p=6973Gazipasa airport in the Antalya region of Turkey opens for business as it welcomes its first International passengers, 4th April 2012, there is as yet no news of any direct UK flights, but it is expected they will follow suitaaa

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Gazipasa airport in the Antalya region of Turkey opens for business as it welcomes its first International passengers, 4th April 2012, there is as yet no news of any direct UK flights, but it is expected they will follow suit as the airport is set to welcome many more operators in 2012.

It is anticipated that a large number of airlines from Germany, Scandinavia, Netherlands, Russia and the Ukraine will be applying for flights in 2012.

UK airline will be monitoring the situation carefully, with a large British population already living in Alanya, the area also attracts thousands of British holiday makers each year, its likely British carries will follow soon if the root is proved successful.

British passengers will be able to take advantage by flying to Gazipasa via the Netherlands or Germany so the availability of indirect flights will increase as the airport’s range of flights does.

British passengers wanting to fly to Gazipasa should check with their local agents and or tour operators’ web sites such as Corendon, Thomas Cook, OGER Tours, Neckermann, TUI and such. They will most likely get a bargain flight deal,” he said.

Gazipasa airport opens for business as flights start 4.4.2012 they are scheduled for every Wednesday. Airline Company based Antalya Corendon, made the first trial to Gazipasa airport with a 189 seat Boeing 737-800 aircraft. They expect 100 Thousand Tourists to use the route.

Yildiray Corendon Karaer the airlines Chairman and General Manager said
“I think this flight will be open the door of tourism in Alanya and the environment. The first flight will be on April 20.

]]>Overseas Property showhttp://www.properties247.co.uk/overseas-property-show/
Fri, 09 Mar 2012 15:16:30 +0000http://properties247.co.uk/?p=6818Overseas Property show March 10th – 11th 2012 Bournemouth Properties247 Welcome you this Saturday,10th & Sunday 11th March to the Exhibitions suite at The Bridge House City Lodge Hotel to view over 800 New & Resale properties in the veryaaa

Properties247 Welcome you this Saturday,10th & Sunday 11th March to the Exhibitions suite at The Bridge House City Lodge Hotel to view over 800 New & Resale properties in the very best coastal locations of Spain, Turkey and Egypt. All at the very best prices including special a display of quality Spanish Bank Repossession, up to 60% discounts, with Mortgages of up to 100%.

Come along have a coffee & chat, you may be surprised at the bargains available

]]>Big discounts for serious cash buyers, including exclusive Spanish bank property repossessions in Spain
Properties247 Offers big discounts on Villas, Apartments & Investment Properties for buyers looking to take advantage of the credit crunch in Spain, Freehold properties, distressed sales, bank repossessions, and developers who need to sell properties we have great properties, in great locations…..

Owners who need To Sell Quickly In Spain

Our List also includes Distressed Property Sales from private sellers who urgently need to sell with reduction upto 50%

Properties247 finds its clients real distressed property sales and Spanish Bank Repossessions property through its close business relationships with banks and other professional organisations. Just because an Estate Agent has properties and pictures on their websites that suggest they are Spanish Bank Repossessions or distressed property sales, you will find that it is very unlikely to be a true Spanish Bank Repossession’s as these properties do not normally come onto the market, in the form that you would understand to be a bank repossession, this is down to the way Spanish Bank Repossessions system works, Spanish Repossession’s, are not the same as those in the UK where properties are mostly sold at auction. That’s why we at Properties247 do not list bank repossessions on our site but instead contact clients who have shown an interest in getting a real bargain and have confirmed they have the cash to go ahead and buy, these deals need to be completed quickly to secure a true Bank Repossession.

The difference between a bank repossession property and a distressed sale

Bank Repossessions are properties that have been taken back by the bank through the courts and therefore have to be sold through the courts the rewards are high up to 50% of valuation prices, True distressed sales or Bank Repression’s require to be sold in a very short time scale you would ideally be a cash buyer in order to meet the strict timescale of which these properties need to be sold Distressed sales tend to be for a variety of reasons with the major one being the owner of the property needs to sell before the bank repossesses the property. These properties are still sold very quickly if they represent the right value but due to an increased time frame a purchaser can buy one of these properties with a bank mortgage. If you would like to join our list of clients wanting to be informed of such great value property please call us or fill in the form below and someone will contact you to put you on the list and discuss your exact requirements concerning type of property, location and other key factors.

Before we send details of our Spanish Bank Repossessions we will require a contact number as we will need to discuss your requirements to avoid disappointment so please fill in our contact form

]]>Resale property asking in Spain prices hit lowest since 2007http://www.properties247.co.uk/resale-property-asking-prices-hit-lowest-since-2007/
Fri, 10 Feb 2012 14:20:17 +0000http://properties247.co.uk/?p=5567Asking prices for re-sale properties for sale in Spain fell 9.4pc in January compared to the same time last year, according to the house price index published by idealista.com, a leading property portal. On a monthly basis, asking prices ofaaa

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Asking prices for re-sale properties for sale in Spain fell 9.4pc in January compared to the same time last year, according to the house price index published by idealista.com, a leading property portal.

On a monthly basis, asking prices of Spanish homes in the idealista.com database fell 1.9pc to an average price of 2,045 €/m2.

It represents the biggest fall in asking prices since before the crisis Hit Spain in 2008.

On a monthly basis, prices fell the most in Castille La Mancha (-2.3pc), followed by The Balearics, Asturias and Andalucia (-2.1pc). Prices fell the least in Aragon (-0.1pc).

The Basque Country has the most expensive asking prices in Spain (3,312 €/m2), whilst Extremadura has the cheapest (1,305 €/m2), followed by Murcia (1,306 €/m2).

]]>Snow in Costa Blancahttp://www.properties247.co.uk/snow-in-costa-blanca/
Fri, 10 Feb 2012 13:58:03 +0000http://properties247.co.uk/?p=5561Polar front hits the Costa Blanca Friday 10 February SNOW appeared on the Costa peaks such as the Puig Campana (photo) yesterday (Thursday) as a polar front that has swept across Europe hit Spain. Temperatures plummeted by at least 6Caaa

]]>Property in Murcia at pre boom priceshttp://www.properties247.co.uk/property-in-murcia-at-pre-boom-prices/
Fri, 10 Feb 2012 13:22:51 +0000http://properties247.co.uk/?p=5557You can buy Property in Murcia at pre boom prices Thursday 18 January 2012 Inland properties, still offer outstanding value. Unreformed townhouses in historic old town settings can still be purchased for €20,000 euros in this region, or totally refurbishedaaa

Inland properties, still offer outstanding value. Unreformed townhouses in historic old town settings can still be purchased for €20,000 euros in this region, or totally refurbished cottages with garage, central heating and handmade terracotta floor tiles can be bought for as little as €120,000 euros.

Prices inland are equivalent to how they were 20 years ago.

Whilst Murcia has always been a top favourite with Spanish holidaymakers, it’s largely escaped international property buying attention as it lacks package holiday accommodation, remaining an essentially Spanish region. Yet the fact that it boasts more days of sun than any other Spanish mainland province and has a great local infrastructure mean that it is increasingly attracting overseas property hunters.

The prospect of a new-generation Paramount Theme Park allied with the opening of an international airport also means one thing for the area – change

]]>A guide togetting the very best Spanish property dealhttp://www.properties247.co.uk/a-guide-togetting-the-very-best-spanish-property-deal/
Wed, 25 Jan 2012 12:03:42 +0000http://properties247.co.uk/?p=4904A Guide to getting the very best spanish property repossession deal Without doubt, the best opportunity for clients in Spain is where the property has been through the first judicial auction and hasn’t sold. The bank has 21 days toaaa

]]>A Guide to getting the very best spanish property repossession deal

Without doubt, the best opportunity for clients in Spain is where the property has been through the first judicial auction and hasn’t sold. The bank has 21 days to complete the sale to a buyer before having to buy the property and pay all the property transfer taxes associated with the process. This is where the best deals are done.
In order to buy during the 21 days after Subasta, you must have the following in place:

You will need your NIE number, as without it you cannot buy a property in Spain

You will need your Spanish bank account and funds ready to complete the property purchase

You will need a chosen lawyer in place and an exact understanding of how you wish to buy the property

You will need proof of financial resources, to complete the purchase, to provide to the bank

There are other smaller points but the above checklists are a must. You will need to work with a professional agent such as Properties247 to make sure you can complete the transaction in the necessary time scale.
Please call, or use our contact form to arrange a meeting.

How Properties247 can help you …

When placing an investment where matters are so complex, it is important to deal with a company that you can completely trust in their capacity to execute such a process.

The following are some of the reasons why you should use Properties247…

We have day-to-day experience of working with Spanish banks for over 25 years.

We have unrivaled expertise in all three stages of Spanish bank repossessions

We have established contacts and relationships with all the major banks in Spain and judicial lawyers, built up since the 1980s

]]>Spanish Government extend 4% vat tax reduction on new propertieshttp://www.properties247.co.uk/spanish-government-extend-4-vat-tax-reduction-on-new-properties/
Wed, 04 Jan 2012 11:17:08 +0000http://properties247.co.uk/?p=4566Spanish Government extend 4% vat tax reduction on new properties Wednesday 04 January 2012 Everyone was wondering what the Spanish government would do to help the Spanish property market as 2011 ended, and with it so the reduction in VATaaa

Everyone was wondering what the Spanish government would do to help the Spanish property market as 2011 ended, and with it so the reduction in VAT (IVA) from 8% to 4% for brand new properties…

We at Properties247 are pleased to advise that the New Spanish Government under Rajoy, has extended the reduction in VAT from 8% to 4% for brand new properties until the end of 2012. Take a look at our extensive range of properties for sale in Spain to find a property suited to you. This is only applicable on brand new properties, not resales.

Now, a property with a price of 200.000 EUR, will have a reduction in expenses of approximately 8.000 EUR!. With this decision, the Spanish government wants to increase the damaged sector of construction of new properties, with a high level of stock from properties for sale

In short, the initiative will be welcomed by buyers who will see a clear reduction in their purchase costs, developers who will sell a lot more stock and banks who will be financing more new property purchases.

The news also comes on the back of some strong data from the Ministry of Public Transactions, which recorded a 24.7% increase in the number of overseas buyers purchasing a property in Spain the 3rd quarter of 2011.

While figures for the final quarter of 2011 are yet to be published, it is expected that they will show an even bigger increase in overseas buyers returning to Spain and that the lower rate of purchase tax was instrumental in the late surge of buyers completing before the then deadline of 31 December.

While all coastal regions saw an increase, the Valencian region (Costa Blanca) was the biggest winner.

Spanish properties are being offered for sale by Spanish banks with up to 100% mortgages (subject to status). These Spanish properties include penthouses, bungalows, townhouses and villas. Some with lovely sea views and some just a short walk to the beach….

As always Spain being Spain, Just because these properties cannot sell unless a big discount is offered up to 50% or, a 100% Spanish mortgage, the Spanish Tax authorities will not recognise the discounted price and will insist you pay the tax payable on their valuation. In most cases this will be the pre discounted price. You must take professional advice so you can be sure of the situation.

Call us on (0044) (0)1305 534490 if you are unsure, or use our contact form.

]]>Quality of life is most important for expats in retirement,http://www.properties247.co.uk/quality-of-life-is-most-important-for-expats-in-retirement/
Fri, 16 Dec 2011 17:37:49 +0000http://properties247.co.uk/?p=4359Quality of life is most important for expats in retirement, Thursday, December 01, 2011 What do most expatriates want when they come to retiring? Good weather, and low living costs… When expats decided to call it a day they wantaaa

What do most expatriates want when they come to retiring? Good weather, and low living costs…

When expats decided to call it a day they want to enjoy the good thing in life, the most important thing taken into consideration is the weather then its family commitments (2011nHSBC Expat Explorer survey)
Most expats stayed in the country they were currently living and working in, the minority planned to return home.

]]>Spanish property bargains. Or are they?http://www.properties247.co.uk/spanish-property-bargains-or-are-they/
Thu, 24 Nov 2011 17:45:28 +0000http://properties247.co.uk/?p=3580By Peter Lenga, The Spanish property market has seen a major decline in house sale prices over the past four years. However, prospective buyers should still be very wary because bargains are often not as good as they appear. whataaa

The Spanish property market has seen a major decline in house sale prices over the past four years. However, prospective buyers should still be very wary because bargains are often not as good as they appear. what About Bank Repossessions and Distressed sales

Spain embarked on a major building program to satisfy the demand for holiday homes in the early 90’s. Many of these properties were over priced, built in poor locations enjoying few or no amenities. The majority of these properties were financed by UK or Spanish banks, with potential rents being used to help repay the mortgage. It soon became apparent there were more holiday lets available, than customers requiring them.

In recent years the demand for this type of property within the rental market has fallen dramatically, in favour of those properties in more desirable areas. Consequently many of these homes are empty, repossessed, or previously sold at a loss by the owner. This is a result of the massive fall in the Spanish property market.

With asking prices for properties in Spain now some 30%+ lower than in 2007, buyers are returning to the market in search of repossessed and cheap property bargains Although there are some superb Spanish properties for sale at attractive prices, the majority of properties are on developments that should be avoided. The rules are still the same – If it’s too good to be true, it probably is !

Properties247.co.uk only work with the most established developers and main agents with whom we have a long standing relationship, in order to ensure that your investment in overseas property is 100% legal and secure. We cover the whole coast of Spain including the best inland areas.

We have:

Developers on the southern Costa Blanca who have been established since 1985, with over 10,000 properties sold to date in areas such as Torrevieja, Cabo Roig, La Zenia, Guardamar, Orihuela. They are highly respected and main promoters for most of the other Costa Blanca based builders and banks.

A Realtor with 21 years experience on the east side of Costa Del Sol with access to the best new builds and resales in Calahonda, Cabopino, Miraflores, Fuengirola and alike. A senior figure within the Spanish National Association of Estate Agents, with access to most major bank repossessions as well as offering a full rental facility.

A unique team on the Sol. This consists of architect and master builder in Marbella, registered estate agents and experienced project managers of bespoke new build projects in Marbella and the surrounding estates, such as El Madronal, and La Zagaleta.

Specialist agents in Marbella providing the highest level of service and competitive prices in Puerto Banus and Golf Valley, Nueva Andalucia.

Our partners are developers who are well established in their region, having built and sold legal Spanish properties to thousands of satisfied clients over the last two decades. All agents approved by Properties 247 have demonstrated an intimate knowledge of their local market and hold a proud record of outstanding customer service.

]]>Only seven weeks left of Spanish VAT holidayhttp://www.properties247.co.uk/only-seven-weeks-left-of-spanish-vat-holiday/
Fri, 18 Nov 2011 18:40:56 +0000http://properties247.co.uk/?p=3280Only seven weeks remain for overseas property owners to snap up property in Spain at discounted rates. In August this year, the Spanish Government reduced the IVA (the Spanish VAT equivalent) on properties by 50% until the end of theaaa

In August this year, the Spanish Government reduced the IVA (the Spanish VAT equivalent) on properties by 50% until the end of the year, making purchasers liable for only 4% of the purchase price, a saving of €4,000 on a €100,000 home.

However, time is running out for overseas property investors to take up the offers, as homes need to be purchased by the 15 December in order to have time for all legal requirements before 31 December 2011.

Many Spanish developers have offered to pay the remaining VAT, making property purchases VAT free, and are now urging customers to invest.

Those wishing to buy property in Spain should invest now before it too late.”

]]>Bank of England base rate held at 0.5% againhttp://www.properties247.co.uk/bank-of-england-base-rate-held-at-0-5-again/
Thu, 10 Nov 2011 11:02:58 +0000http://properties247.co.uk/?p=5538The Bank of England today announced it is holding the base rate at its 0.5% historic low for the 32nd consecutive month. The stable base rate is good news for borrowers, with mortgage rates having recently hit an all-time low.

]]>France comes to Properties 247http://www.properties247.co.uk/france-comes-to-properties-247/
Sat, 29 Oct 2011 16:24:18 +0000http://properties247.co.uk/?p=2837At Properties247 we continually strive to update our portfolio and increase the choice of available properties. We are now pleased to be able to include properties throughout France. As confidence in our ability to provide customer satisfaction grows, more clientsaaa

]]>At Properties247 we continually strive to update our portfolio and increase the choice of available properties. We are now pleased to be able to include properties throughout France. As confidence in our ability to provide customer satisfaction grows, more clients are choosing to advertise their properties with us. If you are looking for that perfect dream, no need to search further. Our staff are on hand to guide you through all aspects of purchasing abroad and will help you find what you are looking for.

The Turkish/Danish Tour Operator Tyrkiet Eksperten/Scanway announced at their website that they are starting the direct flights from Copenhagen to Alanya Gazipaşa Airport from 1 April to 30 October 2012.

Bookings are already available at www.tyrkieteksperten.dk Tyrkiet Eksperten will have 4 flights a week with Swedish Airliner TOR AIR will fly with Boeing 737 with 148 seats which is the largest airplane allowed to fly to Alanya Gazipaşa Airport.

]]>The Association of International Property Professionals (AIPP) have launched their 2012 consumer guide, giving prospective house-hunters all the advice they need for a safe and secure overseas purchase.

This year’s ‘How to buy property safely’ guide will take you through the steps you need to take to make a hassle free purchase, explaining the role of the agent and the developer, the sort of questions you should be asking on inspection trips and how to make sure you’re protected against currency fluctuations, as well as countless other pieces of advice.

The advice inside is independent and easy to follow, so if you’re serious about buying a property abroad, then it’s a great place to start.

The AIPP is an independent trade association set up to regulate the overseas property industry and has over 300 members who have signed up voluntarily to a professional code of conduct which requires them to treat you, the consumer, with honesty and integrity. Looking for the AIPP logo when you purchase means you have reassurance that there is a disciplinary process to protect you if something goes wrong with your property purchase.

Usually, central banks try to raise the amount of lending and activity in the economy indirectly, by cutting interest rates…

Lower interest rates encourage people to spend, not save. But when interest rates can go no lower, a central bank’s only option is to pump money into the economy directly. That is quantitative easing (QE).

The way the central bank does this is by buying assets – usually financial assets such as government and corporate bonds – using money it has simply created out of thin air.

The institutions selling those assets (either commercial banks or other financial businesses such as insurance companies) will then have “new” money in their accounts, which then boosts the money supply.

Is this printing money?

These days the Bank doesn’t have to literally print money – it is all done electronically.

However, economists would still argue that QE is the same principle as printing money as it is a deliberate expansion of the central bank’s balance sheet and the monetary base.

How does it work?

The Bank has been conducting reverse auctions for government bonds, in which the sellers compete in order to drive down prices.

The action by the Bank is supposed to have two effects. The first channel is through the direct effect on the banks’ bank accounts. With more money sloshing about in their accounts, the banks may decide to lend more to businesses and individuals, and increase the amount of activity in the economy that way.

The second channel is through the effect on the cost of borrowing. When the Bank buys bonds, it reduces the supply of those bonds in the economy. That should increase the demand for new bonds and, at the same time, make it cheaper for businesses to borrow.

Having taken short-term interest rates as low as possible, the idea would be for the Bank to push down longer-term rates as well, which are the rates that companies and individuals borrow at. These are used by companies making longer-term investments and banks setting mortgages, for example.

In theory if QE works, credit growth should pick up and businesses should find it easier to get credit. That, in turn, should help to stimulate the economy.

Monarch, the scheduled leisure airline, has increased its programme of flights from Manchester to Egypt’s Red Sea resort of Sharm el Sheikh this winter due to phenomenal demand from its customers…

The new route, which was announced by the airline in July, has been so well received that Monarch is now adding a Monday flight between 07 November 2011 and 19 March 2012, in addition to the existing flights on Thursdays, Saturdays and Sundays. The additional flights are available to book now via www.monarch.co.uk with fares starting from £173.99 return including all taxes and charges.

Commenting on the additional flights to the Red Sea, Managing Director of Monarch Airlines, Kevin George said, “We have seen strong demand for our new scheduled services between Manchester and Sharm el Sheikh in the first month of announcing the new route. As a result we are delighted to be adding an additional flight per week, bringing the total number of flights between Manchester and Egypt’s Red Sea Resort to four a week throughout the winter season.

“This new flight will allow even more customers to take advantage of Monarch’s innovative ‘build your own class’ service, which offers customers the ability to tailor their flight package to their exact requirements, providing a greater sense of freedom and personalisation. Optional extras such as extra legroom seating and pre-ordered meals in addition to fantastic value fares, makes Monarch a great choice for longer flight durations such as Egypt.”

Monarch’s scheduled flights are available to book until October 2012. Customers now booking flights will also benefit from zero debit card charge fees and a fixed fee for all credit card bookings, regardless of the transaction value or number of people travelling.

]]>Spanish property sales jump 22%http://www.properties247.co.uk/spanish-property-sales-jump-22/
Wed, 21 Sep 2011 12:43:47 +0000http://properties247.co.uk/?p=2077Spanish property sales jump 22% 21 September 2011 Transaction volumes are picking up in Spain with a 22% increase quarter-on-quarter according to the latest government statistics. 396,000 homes have now been sold in Spain in the past 12 months withaaa

Transaction volumes are picking up in Spain with a 22% increase quarter-on-quarter according to the latest government statistics. 396,000 homes have now been sold in Spain in the past 12 months with sales accelerating in Q2 versus Q1 2011…

90,746 homes were sold between April and June this year, with new housing accounting for a third of the total transactions, the figures reveal.

Overseas property buyers continue to be a key driver says the government, with sales to “foreigners who reside in Spain” surging by 23% in the second quarter of this year to 8,514.

Alicante registered the greatest number of home purchases at 2,308 with Malaga in second spot at 1,110 sales. Santa Cruz de Tenerife experienced 599 sales and there were 567 transactions in the Balearic Islands, says the Ministry of Public transactions.

Meanwhile, according to a study of 100,000 properties recently published, Spanish property prices are starting to improve in the Costa Blanca and Costa Calida areas with Alicante and Murcia highlighted as a further two locations where prices are pushing upwards.

Spanish property prices are yet to catch up with the highs seen in 2007, the price increase is nevertheless an encouraging sign for investors in the market. Alicante, for instance, has experienced improvements in its infrastructure seeing a second airport terminal open which always good news when it comes to attracting more visitors.”

Many Developers “matching the Spanish government’s 50% tax cut on a limited stock of new properties to be delivered this year.

Turkey’s Credit Rating raises two notches, and for the first time in Turkish history, Turkey is rated as an investment-grade country…

U.S.-based Standard and Poor credit ratings agency read “The local-currency upgrade reflects our view of continuing improvements in Turkey’s financial sector and the deepening of local markets.” S&P also confirmed Turkey’s foreign-currency sovereign rating at BB with a positive outlook for the future.

With this news hitting the stock exchange markets, The Istanbul Stock Exchange National 100 index surged 4.6 percent and the Turkish Lira strengthened 1.9 percent against the Dollar. The outlook for Turkey looks very, very positive.

S&P stated that they could raise the ratings on Turkey even more should the nation manage to reduce its current account deficits and slow domestic credit growth without hampering its fiscal accounts or financial sector stability – don’t doubt on Turkey not being able to do just that. Turkey is expanding and growing at an unprecedented rate.

While Turkey is seeing their credit rating rise with S&P, other leading countries such as the United States, France, and Italy have all suffered lately with struggling economies and as a consequence seen their credit rating grade dropped by S&P. These high profile countries can only look on in envy as Turkey’s credit rating gets stronger as the whole world tries to deal with the current economic woes affecting so many countries finances.

Turkey is a country that is on the rise, in times of economic struggles around the globe, the fact that Turkey has seen its credit rating raised by S&P signifies the current strength of the nation. The impacts of this will be significant and go a long way to securing Turkish aims to be one of the world’s leading economies by 2023. Turkey is uniquely placed within the world; the future for Turkey looks healthy in times of economic crisis around the world.

]]>Turkey to ease foreign owenership restrictionshttp://www.properties247.co.uk/turkey-to-ease-foreign-owenership-restrictions/
Mon, 19 Sep 2011 15:50:24 +0000http://properties247.co.uk/?p=2025Turkey to ease foreign ownership restrictions 19 September 2011 Turkey is planning to ease restriction on the purchase of real estate by foreigners, according to reports in the Turkish press this morning… Legislation is being drafted that will remove theaaa

Turkey is planning to ease restriction on the purchase of real estate by foreigners, according to reports in the Turkish press this morning…

Legislation is being drafted that will remove the principle of reciprocity from regulations governing real estate sales, meaning that foreign citizens will be able to buy property in Turkey even if their own countries don’t grant comparable rights to Turkish nationals.

Currently agents and developers in Turkey can get around the legislation by helping their clients to set Turkish companies but the process is costly and is a significant barrier to sale according to Philip Skorochod, director of UPPI.

“The legislation will make a huge difference. At the moment it costs around two thousand [British] pounds to set up a company and it takes time. The whole process is off putting and is preventing us making sales,” he says.

Under the current arrangements, international buyers from relatively open countries such as the US, UK and Germany have no problem purchasing real estate in Turkey as their countries allow Turkish nationals to invest. The biggest opportunities will come from the Arab and Russian markets says Skorochod.

“Generally investors from the Arab world view Turkey both a safe haven and a place where there is no hostility towards them so this is where the legislation will have the biggest impact. It will also improve the Russian buyer market for Turkish real estate as the process is currently cumbersome when dealing with Russian buyers,” he says.

Although there is sometimes a difference between government announcements and actual policy the country has a strong economic reason to enact the legislation as the extra direct investment is badly needed to finance Turkey’s large current account deficit.

]]>British expats vow to stay abroad despite squeeze on incomeshttp://www.properties247.co.uk/british-expats-vow-to-stay-abroad-despite-squeeze-on-incomes/
Mon, 19 Sep 2011 15:45:16 +0000http://properties247.co.uk/?p=2019British expats vow to stay abroad despite squeeze on incomes 17 Sept 2011 More than half of British expats will continue to live abroad despite rises in the cost of living leaving them out of pocket, according to a recentaaa

More than half of British expats will continue to live abroad despite rises in the cost of living leaving them out of pocket, according to a recent survey…

The study, by currency dealer Moneycorp, shows that over 50 per cent of expats say that while they moved abroad for a better standard of living, their incomes have actually plummeted since the economic downturn.

Despite these factors, nine out of ten expats said that they would continue to live abroad, with 25 per cent saying that they would rather move to another country before considering moving back to the UK

More than half of British expats will continue to live abroad despite rises in the cost of living leaving them out of pocket, according to a recent survey

The study, by currency dealer Moneycorp, shows that over 50 per cent of expats say that while they moved abroad for a better standard of living, their incomes have actually plummeted since the economic downturn.

Despite these factors, nine out of ten expats said that they would continue to live abroad, with 25 per cent saying that they would rather move to another country before considering moving back to the UK.

]]>Euro115http://www.properties247.co.uk/euro115/
Fri, 09 Sep 2011 12:18:35 +0000http://properties247.co.uk/?p=1950Currency Exchange Rates – Better Buying Power in Spain. With the exchange rate now at 1.1513 your pound goes a lot further. Add this to the 4% cut in purchase tax on key ready and new build properties along withaaa

With the exchange rate now at 1.1513 your pound goes a lot further. Add this to the 4% cut in purchase tax on key ready and new build properties along with other discounts available, it’s an excellent time to get onto the Spanish property ladder.

Purchase approvals reached a 15 month high in August thanks to loosening lending criteria and an upturn in high loan to value lending, reveals the latest e.surv Mortgage Monitor…..

Approvals rose from 49,239 in July to a seasonally adjusted 49,566 in August – the highest since May 2010. Approvals were 4.3% higher than in August 2010 – the biggest year-on-year rise since May last year – reversing the long term trend of negative annual growth.

More buyers were able to secure mortgages with a smaller deposit as lenders loosened criteria. High LTV lending rose to its highest level this year, contradicting the latest Bank of England Credit Conditions Survey which said lenders would focus more on targeting low LTV borrowers in Q3.

Buyers with a deposit of 15% or under accounted for more than 10% of total approvals in August, a high for 2011, but still well short of the 22% seen in August 2008. Purchase approvals with a high LTV grew at almost twice the pace of the rest of the market in August.

Criteria loosened most at the bottom of the market, fuelling a rise in the number of lower income buyers. Approvals increased on all price brackets below £750,000, with the greatest growth seen in typical low income and first time buyer property.

Approvals in the price bracket up to £125,000 – typical first timer property – accounted for 24% of all approvals, the highest since April.

LTVs rose fastest on the cheapest price brackets as lending conditions loosened most for low income buyers, with the average LTV on the cheapest price bracket rising from 67% in July to 68% in August.

August is usually a quiet month, but it was an unusually poor one for London as purchase approvals dropped 10% (non-seasonally adjusted) from July.

The regional picture for purchase approvals was more varied. Approvals increased in the North West and Scotland. Along with London, Yorkshire and the North East saw the greatest fall in approvals.

The fall in approvals in the capital was triggered by a decline in approvals on the most expensive property.

Approvals held up well on the cheapest price brackets thanks to a marginal increase in high LTV lending. However, high LTV lending was significantly lower in the capital compared to the rest of the country.

Approvals with an LTV of over 85% accounted for just 4% of the total number of approvals in August, less than half the national average of 10%, because wealthier buyers with larger deposits continue to represent a disproportionate share of the market, and because even a small percentage deposit represents a very large sum due to higher house prices in the capital.

The average deposit for purchase approvals in London was 41.5% in August, the highest since January, and the highest in the country, reflecting the larger pool of wealthier buyers in the capital.

Richard Sexton, business development director of e.surv said:

“The uptick in high LTV lending is encouraging, and lenders may still be trying to garner market share. But we shouldn’t get too carried away and begin hailing this as a portent of long term recovery.

“High LTV lending still lags well behind the levels we saw back in 2008, and a slight loosening in criteria only makes a small dent in the vast backlog of buyers stuck in the rental market.”

“The major high street lenders still have their hands tied by weak economic growth and stringent core capital requirements.

“The Bank of England warned many high street lenders have a high percentage of high or very high LTV lending on their books, and provisions may not adequately cover forborne loans. In practice lenders can do little to grow loan books while under pressure on capital.”

“For those who can get mortgages, the good news is that fixed rate deals seem certain to remain particularly cheap.

“The UK has been like a fortress in repelling the international economic contagion, which is good news for borrowers as it means repayment rates will stay low for some time to come.”

David Newnes, director of LSL Property Services, said:

“Improving affordability is having a welcome effect on lenders¡¦ confidence in the ability of borrowers to service their debts.

“But the cheapest deals are still only available to those able to muster at least a 30% deposit. It is good news that high LTV lending is increasing, but it¡¦s rising from a very low level and will have to continue rising for some time before we’re likely to see a sustained revival in the market for first-time buyers.

“Schemes like first-buy are having some effect in improving mortgage availability, but the collective effect is still not enough to make a real difference to prices at the lower end of the market”.

]]>British buyers love Turkeyhttp://www.properties247.co.uk/british-buyers-gobble-up-turkey-property/
Fri, 02 Sep 2011 09:21:24 +0000http://properties247.co.uk/?p=1872British buyers love Turkey 06 September 2011 Over 111,000 foreign citizens now own property in Turkey, according to recent reports from the country’s Land Registry. Brits are the highest represented among the 111,000 purchasers with over 35,000 of us owningaaa

Over 111,000 foreign citizens now own property in Turkey, according to recent reports from the country’s Land Registry.

Brits are the highest represented among the 111,000 purchasers with over 35,000 of us owning a Turkish property. The country is also popular with German and Greek property hunters who follow close behind on the list. In total citizens from 89 countries around the world now own a Turkish property.

The most popular areas for foreign investment were the Antalya region (Antalya, Belek, Side and Alanya) with over 40,000 foreign owners, and the Mugla region (Fethiye, Bodrum and Dalaman) with over 20,000 foreign owners.

The prices of property in Turkey have been steadily increasing as a result of the high demand. In particular new build properties, which are especially popular with foreign buyers, are up 7% from this time last year. However, sales prices across the board have risen by 0.83% and many popular areas such as Antalya have risen in price by 0.64%. Even rental prices have reportedly risen by an average of 0.36%.

America’s beleaguered housing and mortgage sector can see non-distressed home prices stabilising, mortgage performance rates improving and negative equity remaining strong, according to a new report from analysts CoreLogic…

And agents working in the American overseas property market agree. they are definitely at the bottom of the market, moving slightly upwards in price

California-based Corelogic’s “U.S Housing and Mortgage Trends” report, out this month, maps a correlation between the housing market, the economy and consumer confidence. According to CoreLogic, “as the housing market goes, so does the economy. The housing market impacts the economy in many ways”.

The report insists that the housing market can be taken as a measure of consumer spending and therefore consumer confidence. Thus, along with the slowdown of the housing market in the second half of 2010, and the slowing economy in the second half of 2011, there came depreciation in consumer confidence.

According to the Bloomberg Consumer Comfort Index, consumer confident was minus 46.8% in mid July – the lowest since May 2011. Only 6% of consumers said that the U.S economy is doing well, which marks the lowest figure since April 2009.

The drop in consumer confidence may be due to joblessness, with unemployment rates soaring above 9%, declining home prices and increasing rates of foreclosure.

And the recent S&P/Case-Shiller Home Prices Indices shows that the value of properties in 20 U.S cities dropped by 4.5% in May 2011, from May 2010. This is the largest annual drop since November 2009.

Property market has an effect on the economy as a whole. However, the effect of consumer confidence is more psychological. People are relatively poorer. In the good days there was more equity, and thus more consumer confidence, but not everyone took equity out. Properties sold a lot better psychologically. The standard of living today may not have changed, but psychologically, because of equity depreciation, people are spending less money.

The link between house prices and economy is relevant, however. 50% of people spend less because of a psychological drop rather than a drop in income and standard of living

]]>Property prices rising in Turkeyhttp://www.properties247.co.uk/property-prices-rising-in-turkey/
Mon, 22 Aug 2011 21:39:58 +0000http://properties247.co.uk/?p=1276Property prices rising in Turkey 22 August 2011 The cost of buying property in Turkey is rising steadily according to the latest figures from the ReidIn Turkey Residential Property Price Index. And property hunters are also searching for larger properties…aaa

The cost of buying property in Turkey is rising steadily according to the latest figures from the ReidIn Turkey Residential Property Price Index. And property hunters are also searching for larger properties…

Sale prices increased by 0.83% across Turkey overall, increasing by 1.05% in Istanbul, 0.84% in Izmir and 1.02% in Kocaeli during July 2011. There were also rises of 0.32% in Adana, 1.02% in Ankara, 0.64% in Antalya and 0.66% in Bursa.

Rental prices are also on the up, increasing by 0.36% in Turkey overall.

The data also revealed the popularity of new builds, which are especially in vogue with those from overseas and second home owners. The numbers buying new homes increased by 1.2% from June to July and are now 7.29% higher than this time last year.

The numbers looking for larger properties also increased, it has been reported. For example, there was a 0.65% increase in those looking for 126 to 150 square metre properties, and a 1.16% increase in those hunting for 151 square metres and above.

]]>The British property buyer in Spainhttp://www.properties247.co.uk/the-british-property-buyer-in-spain/
Sun, 21 Aug 2011 08:44:03 +0000http://properties247.co.uk/?p=1189The British property buyer in Spain 20 August 2011 An interesting article and follow-up interview by Globaledge today. I take my hat off to Mr Ballaster, who seems to be telling things as they are, not how he would preferaaa

I take my hat off to Mr Ballaster, who seems to be telling things as they are, not how he would prefer them to be. Who knows? This kind of honesty could even restore a little confidence in the Spanish property market. Regarding… the language and nationality of buyers, Kyero.com receives visitors in these rough proportions:

English 44%

Spanish 20%

French 12%

German 7%

Dutch 7%

Italian 5%

Danish 2%

Portuguese 2%

Russian 1%

Here’s the Globaledge article and interview:

British buyers remain conspicuous by their absence.

This was the damning conclusion of an article on international real estate on Property Wire this week.

So is the British lifestyle buyer market really dead? Has the economic gloom and the scare stories in the UK media permanently put an end to the British desire to own a property in the sun?

Not according to Taylor Wimpey Espana boss Javier Ballester who I interviewed earlier today.

“The market is smaller but the British are still buying. A house in the sun is still an aspiration, it’s just that fewer people can afford it and the ones that can are extremely discerning” he says.

Here is an extract from our conversation. In is an interesting read for anyone selling into the UK buyer market.

AR: How are sales volumes compared to previous years?

JB: We are selling about 75% less than in 2008. 2009 was the worst year in our history but things picked up in 2010 and this year, we are slightly ahead of where were in 2010 so we are positive.

AR: Which areas are selling well and which ones are not?

JB:Mallorca is the strongest market, followed by the Costa Del Sol. The Costa Blanca is difficult due to oversupply. Luckily our stock on the Costa Del Sol is in Marbella which has not suffered as much as other areas from over construction.

AR: Which nationalities are buying?

JB: The UK is still by far our biggest market. Around 50% of our buyers are British followed the Germans and other Northern Europeans.

AR: The brand must help you in the British market?

JB: Yes it certainly does. It helps with trust which is especially important with so many horror stories in the media.

AR: Who is buying? Is it the retirement market which is strongest?

JB: The majority of our buyers are over 50 and are purchasing for lifestyle reasons. Not everyone is retiring but most are slowing the pace of their lives down.

AR: Are you pricing aggressively? How have your prices changed over the years?

JB: We were quick to react in 2007 and watched the experience of the US so we cut prices quickly. Our prices are around 30% to 40% below their peak with greater reductions on the mainland than in Mallorca.

AR: What the key price points in your market? What sells and what does not?

AR: What is your view on the future of property prices in Spain? With such high unemployment and the banks yet to off load so many properties, the outlook can’t be good?

JB: I agree the local market is difficult and prices will probably continue to fall for some time. People cannot get access to finance and real wages are falling.

The second home market is different. Our buyers are putting down deposits of 40%. The market we aim at is very cash rich and demand is steady for property in good locations. Prices may fall a little but the fundamentals are strong.

AR: Would you not agree that many of the so called holiday homes built in Spain are not fit for purpose and should be knocked down?

JB: It depends on where you are. There are certainly many properties built inland that will never sell. Nobody wants property in ugly places no matter how cheap it is.

AR: Finally what would your advice be to agents and developers looking to sell into the British buyer market?

JB: There is a market. A house in the sun is still an aspiration for the British, it’s just that fewer people can afford it and the ones that can are very discerning.

What I would say is that it is actually very difficult to get hold of good stock. Most of the good property held by the banks has gone already and what remains is of low quality. Also the banks do not care about after sales service which is extremely important for lifestyle buyers.

Finally, it takes time, you cannot do everything in one day. Doing things properly requires time and patience.

]]>VAT on new Spanish properties to fall from 8% to 4%http://www.properties247.co.uk/spain-lowers-vat/
Fri, 19 Aug 2011 21:20:41 +0000http://properties247.co.uk/?p=1171Spanish property VAT to fall until December 31st. 19 August 2011 Spain cuts property tax on new properties The Consejo de Ministros have this morning reached an agreement to reduce VAT on new properties from 8% to 4% as anaaa

The Consejo de Ministros have this morning reached an agreement to reduce VAT on new properties from 8% to 4% as an ” exceptional and temporary” measure which will be maintained until 31st December…

The Minister of Development, José Blanco and the Economic Vicepresudent, Elena Salgado, presented the measures today, explaining that the implementation of a low VAT rate is intended to try and incentivise purchasers into buying new properties, a property purchaser buying for 200,000 euros saving 8000 euros on the purchase price due to the new VAT rate…

The Minister said that there are areas where there is high demand for new constructions to begin, and actual shortages of homes in some City locations, but that construction start-ups were frozen due to the volumes of money tied up in unoccupied properties which had already been completed.

Until some of the stock of properties was liquidated, lending on new construction was at a standstill, the immediate need being to clear some of the existing stock to stimulate renewed market movement.

According to the latest figures published by the Institute for development, there are 687,523 new homes as yet unsold throughout Spain, as against the 688,044 of the previous year, a reduction last year of only 0.08% in the stock of empty properties.

And sales activity continues to fall. According to the National Institute of Statistics, sales of new properties declined by 10.1% in the first six months of this year, compared to the same time period last year.

The Government desperately need to restimulate economic activity in the construction sector.

According to data presented by Eurostat, construction contracted in Spain by 43.7% in June, and the contribution of construction to the GDP of Spain has fallen from 10 to 4%.

Last year the government raised the VAT level on new properties from 7 to 8%, stimulating a flurry of activity before the increase was implemented as buyers rushed to beat the deadline.

Elena Salgado said that the backpaddling was a “positive” step which would increase government VAT revenues on house purchases, as at the moment the level of incoming revenue was “zero”.

She had already initiated conversations with the European Commission about the decision to lower the VAT rate to the end of the year.

The Government hopes that this decision will stimulate movement in the property market and help the construction industry to regain enough liquidity to start building again.

The President of the G-14, Pedro Pérez, applauded the action of the Government , saying that in his opinion the move would help to restimulate a sector “punished by the economic crisis.” In a communication issued this afternoon, he said that the reduction in IVA could give ” an impulse” to the sale of properties already built, ” which could accelerate the reduction in the stock of properties.”

However, he also added that for a “relaunching of the sector” to occur, better access to financing and loans was required, for which he requested increased activity from the ICO, Instituto de Crédito Oficial.

Initial reactions from agents were that it would make little difference as substantial discounts could be negotiated in a buyers market, but that any initiatives were welcome.

The decreased rate will only apply to new, not second hand properties.

]]>Egypt Record Flightshttp://www.properties247.co.uk/egypt-record-flights/
Thu, 18 Aug 2011 13:40:08 +0000http://properties247.co.uk/?p=1010Egypt Record Flights 18 August 2011 Sharm El-Sheikh Airport chairman Jad-Alkharim Nasr announced the highest number of flights and tourists arrived at the airport on Sunday since the January 25th revolution, KUNA has reported. Nasr added that a total ofaaa

Sharm El-Sheikh Airport chairman Jad-Alkharim Nasr announced the highest number of flights and tourists arrived at the airport on Sunday since the January 25th revolution, KUNA has reported. Nasr added that a total of 90 charter flights carrying 15,000 tourists arrived at the airport on Sunday; this is an all-time record for one day. The number of flights represents a sharp rise of 35% compared to the 70 flights of the previous Sunday. The occupancy rate aboard the flights reached 100% which is unprecedented, he said.

]]>‘Great News For prospective home owners in Turkey’http://www.properties247.co.uk/great-news-for-prospective-home-owners-in-turkey/
Wed, 17 Aug 2011 14:47:57 +0000http://properties247.co.uk/?p=938Great News For prospective home owners in Turkey 15 August 2011 Agents and developers in Turkey are reporting a increase in international sales thanks to the introduction of affordable new Mortgage deals… By partnering with European banks, Mortgage Solutions areaaa

]]>The hottest property market in Europe?http://www.properties247.co.uk/the-hottest-property-market-in-europe/
Wed, 17 Aug 2011 13:10:20 +0000http://properties247.co.uk/?p=931The hottest property market in Europe Thursday 11th August 2011 Colin Murphy who specialises in selling property investments around the world, takes a trip to one of the world’s fasting growing property markets in Europe and is impressed with his findings… Iaaa

Colin Murphy who specialises in selling property investments around the world, takes a trip to one of the world’s fasting growing property markets in Europe and is impressed with his findings…

I went on a fascinating scouting trip two weeks ago. I hadn´t visited this country in about five years, so I was very keen to see how it had changed.

This is the sixth most visited country in the world and tourism is growing at a breakneck pace. It is home to tens of millions of young and well educated people. It is the 9th largest recipient of foreign direct investment, well ahead of more hyped up rivals such as Brazil, Mexico and Thailand. It is the 15th largest economy in the world and the only big economy to have matched China and India´s eye watering double digit GDP growth figures last year.

This country recovered very quickly from the financial crisis, and its banking system is extremely robust. In fact, Moody´s, Fitch and Standard & Poor have been quietly upgrading its credit rating, while generating headlines for doing the opposite to others.

In its biggest city a property boom is in evidence everywhere. Thousands of new residential and commercial towers are springing up in practically every district. This is not Dubai – there is no speculative bubble driven by foreign investors. Demand is being driven by locals who want somewhere to live.

Real estate prices in this balmy Mediterranean climate are less than half the price of similar properties in Spain, France or Italy.

In my opinion, this is the most exciting real estate market in Europe by a mile. It is probably one of the hottest markets on the planet.

The country I am referring to is Turkey – a democratic, secular, republic with an incomparably rich and ancient cultural heritage.

With a population of 75 million and an average age of just 28, Turkey has become a major tourist destination with almost 30 million visitors a year (more than the UK).

It´s economy expanded by 11% between Q1 2010 and Q1 2011, the third fastest in the world.

Turkey is a prominent member of the G20, a long standing member of NATO (2nd only to the US in troop size) and is in full membership negotiations with the EU.